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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- White Energy Company Limited
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