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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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Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Australian Coal Association
- MS Steel International - UAE
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
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