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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
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