European Close 20/10/20

Iron ore is making hard work of its upside push at this point with DCE futures finishing the night session up CNY 6.5 at 692. The offshore came under pressure whilst the DCE was closed with the night session leaving the futures basically unchanged from the previous day’s close.   Rhetoric for iron ore bulls …

Oil Through the Looking Glass 20/10/20

*Fuel Spreads Move Further into Backwardation* Both HSFO and VLSFO fuel oil futures have moved further into backwardation on front month spreads, as demand returns, and supply holds steady. News that there were potential supply shortages in China of VLSFO fuel were echoing through the market and helped lift front Sing 0.5% spreads up to …