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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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Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- Posco Energy - South Korea
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
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