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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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Friday, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
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- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
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