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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, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
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Showing 1106 to 1110 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
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