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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- The University of Queensland
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- The Treasury - Australian Government
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
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