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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
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