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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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Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
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