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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, 24 March 20
THE TRIPLE SHOCK OF CORONAVIRUS IN SHIPPING: WILL IT LAST? - DREWRY
Transport capacity shortages, disruptions to supply chains and inability to plan since late January have been a dangerous combination. But will all ...
Tuesday, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
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- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- The University of Queensland
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
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