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