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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, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
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