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