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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- PTC India Limited - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
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