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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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- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Australian Coal Association
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
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