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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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Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- ASAPP Information Group - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
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