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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- PTC India Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
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