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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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Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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Showing 1101 to 1105 news of total 6871 |
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- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Australian Coal Association
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
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