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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
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