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Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Intermediate crude oil, the U.S. benchmark, fell by more than 10 percent Wednesday to near $24 a barrel, a level last seen in April 2002.
“Oil prices can go negative,” wrote Paul Sankey, managing director at Mizuho Securities.
The COVID-19 pandemic has brought the U.S. and global economy to a standstill by prompting “shelter in place” orders, social distancing between people and the cancellation of non-essential travel. The sharp slowdown in economic activity has curtailed the need for oil.
If that weren’t enough, Saudi Arabia recently slashed oil prices and raised output after Russia refused to join OPEC in deepening production cuts.
Oil is a 100 million barrel-per-day market, but Sankey says it’s possible that the economic fallout from the pandemic could zap demand, creating a 20 million barrel-per-day surplus.
He says the “physical reality” of the market is that oil is pumped out of the ground and has to be consumed or stored. When the cost of storage goes high enough — or space runs out — companies might pay customers to take it.
For now, President Trump has ordered the Department of Energy to take advantage of low prices by stepping into the market and buying oil for the Strategic Petroleum Reserve.
The reserve can build at 2 million barrels per day, meaning that it has four months until it’s at capacity, Sankey said.
By then, he added, high-cost oil from the Bakken shale formation in the U.S. or bitumen from the Canadian oil sands, “prices negatively because it exceeds needs” and requires storage, Sankey wrote. “Negative prices are simply a higher cost of storage than market.”
Sankey isn’t the only one on Wall Street who is sounding the alarm about the coming flood of oil.
Excess supply from OPEC and Russia, coupled with crumbling demand “are leading to concerns about a surplus that could overwhelm global storage,” wrote Francisco Blanch, a commodity strategist at Bank of America.
He warns the demand destruction caused by COVID-19 and the price war between Saudi Arabia and Russia could cause inventories to swell by 900 million barrels in the second quarter alone. He estimates the world currently has about 1.5 billion barrels of available storage.
Blanch’s worst-case scenario isn’t as dire as Sankey’s.
“In a severe scenario, if the market struggles to find a home for surplus barrels, then oil prices might have to trade down into the teens,” he wrote.
Source: Fox Business
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Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- The University of Queensland
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
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