Panamax futures remain buoyant on China soybean purchases

Panamax futures remained buoyant this week as China continued to buy US Soybeans, despite increased political tensions over Hong Kong. The Q4 futures rallied 5.5% on Wednesday as the world’s second largest economy was revealed as purchasing 10 cargoes of soybeans this month from the U.S. alone, according to Bloomberg. China needs beans and remains …

Oil Through the Looking Glass 11/6/20

Unexpected Build? The EIA confirmed a large build in US crude stocks at 5.7 mil bbls to put stocks at 538.1 million bbls, a historic record excluding US strategic reserves. This was caused largely by the shipments from Saudi Arabia from the price war pumping in March and April. We knew from the effects on …

Oil Through the Looking Glass 10/6/20

The Glut is Back Those of you who have been watching your crude ticker this morning will see many red numbers on the screen. The reason for this has been the switch of sentiment to concerns about oversupply. We have had reports late last night that the API have predicted a large build in US …