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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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Thursday, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Indogreen Group - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
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