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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
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