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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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Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
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