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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Australian Coal Association
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
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