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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, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
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- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
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