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