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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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Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - 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 ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
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- Ministry of Mines - Canada
- White Energy Company Limited
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- The University of Queensland
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
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