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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Australian Coal Association
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
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