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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
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