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