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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, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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Showing 1096 to 1100 news of total 6871 |
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- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
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