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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
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- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Indian Energy Exchange, India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
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