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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, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
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