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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
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