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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, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- White Energy Company Limited
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
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