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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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- The Treasury - Australian Government
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
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