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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, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
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Showing 1016 to 1020 news of total 6871 |
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Planning Commission, India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
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