Author archives: Chris Hudson

Oil Through the Looking Glass 20/8/20

*Crude Stocks Fall While Imports Rise The EIA reported yesterday that crude inventories fell by 1.6 million barrels in the week to Aug. 14 to 512.5 million barrels, less than analysts’ expectations in a Reuters poll for a 2.7 million-barrel drop. This drop came despite a rise in net imports of 1.1 million bpd   …

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Morning Oil Report 20/8/20

Good morning all. Brent futures were down 36 cents, or 0.8%, at $45.01 a barrel by 4:42 am GMT, WTI futures were down 38 cents, or 0.9%, at $42.55 a barrel.   The US Federal Reserve released the minutes of its July Federal Open Market Committee meeting on Aug. 19 that highlighted the COVID-19 pandemic …

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Steel and Scrap News 19/8/20

HMS 80:20 Turkish Scrap The week started with the Deepsea Turkish import scrap market softened slightly from Friday, as mills looked to push for lower workable prices, while recycler offers remained stable. Prices edge down in wait for demand to pick up. Suppliers keep offers stable with buyers staying on the side-lines causing prices to …

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Oil Through the Looking Glass 19/8/20

*US 0.5% Under Pressure American low sulphur fuel oil is under pressure as the retail and exports markets continue to remain poor, leaving few places to send 0.5% supplies. The drop in crude prices had previously pulled down prices, yet rising Brent prices again have not pulled up 0.5% alongside it. Brent has moved up …

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Tanker News Update 19/8/20

*Pirates of the Middle Eastern Gulf   The United Nations Convention for the Law of the Sea (UNCLOS) defines piracy as:   (a) any illegal acts of violence or detention, or any act of depredation, committed for private ends by the crew or the passengers of a private ship or a private aircraft, and directed- …

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Ferts in Focus 19/8/20

India’s RCF fares better than expectations The past week saw volume and prices confirmed into India’s most recent urea purchasing tender, with 958kmt of awards accepted at levels of $289/t cfr WC and $290.50 cfr EC. The volume was higher than most were expecting, with the Chinese participating in large volume (around 400kmt estimated to …

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Morning Oil Report 19/8/20

Brent futures fell 33 cents, or 0.7%, to $45.13 a barrel by 4:18 am GMT, while West Texas Intermediate futures were down 21 cents, or 0.5%, at $42.68 a barrel.   The continued spread of COVID-19 worldwide remains the key drag on the short-term demand outlook. Global COVID-19 infections exceeded 22 million case counts while …

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