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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
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