*Surge in European Cases Dampens Sentiment An increase in cases across the continent is threatening the recovery of Europe, as a second wave gains momentum. France, Spain and Germany have all recorded jump sin the number of infected persons, with Spain being the worst hit as cases climbed to 1772 in the last 24 hours. …
Author archives: Lee Welch
Oil Through the Looking Glass 5/8/20
Heavy Crude to Lose Ground The announcement that OPEC is relaxing its production cuts could signal the end of the bull run on heavier crude and products. The OPEC cut has seen heavier crude in significant demand, this is especially true of residual products like high sulphur fuel oil which have seen increased demand from …
Speculation sees iron ore advance above $112/tonne
Iron ore futures advanced above $112 a tonne on Wednesday amidst of fresh waves of speculative trading seen in the market. Rebar and iron ore were supported after hearing that steel inventory is down this week. Steel inventory data by Mysteel is due to be released tomorrow. At the same time, there are signs that …
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Secret Iranian Oil
China and Iran recently signed a 25-year trade deal not surprising given that one is a major OPEC producer and the other one of the world’s largest importers of crude. The deal is worth $400billion, including oil quotas and gives China ‘first dibs’ on Iran’s exports. This would produce a large trade flow from …
India drives global urea markets
After a slight pause mid-week, following chaos then clarity around Chinese trade with India, urea markets resumed their rally into the end of last week. MMTC wrapped up their most recent tender on Friday, securing 700kmt of urea at prices $19 and $15 higher for the east and west coast respectively, than the previous purchasing …
FIS Fuel Oil Morning Report 27/07/2020
Brent futures were down 8 cents/b, or 0.18%, to $43.26/b by 3:15 am GMT, while WTI futures were down by 4 cents/b, or 0.1%, at $41.25/b. The drop of oil prices mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies following the closures of consulates …
Iron ore futures sink as stockpiles rise
Iron ore futures sank to 106 in London on Friday as stockpiles in China expanded yet again. Inventory at ports rose by 2.78 million tonnes on week to 113.25 million tonnes, according to Mysteel data. Material from both Australia and Brazil climbed, with the latter gaining more than 5%. This was further exacerbated by the …
FIS Fuel Oil Morning Report 24/07/2020
Brent futures rose 21 cents, or 0.5%, to $43.52 a barrel by 4:46 am GMT, while WTI futures rose by 12 cents, or 0.3%, to $41.19. US Labor Department data released on July 23 showed weekly unemployment claims rising by 109,000 to 1.4 million in the week ended July 18, higher than the market …
FIS Singapore Iron Ore Derivatives Report 22/07/2020
Iron ore futures slumped on Wednesday morning in London on fresh concerns over rising US-China tensions after US forced the closure of the Chinese Consulate at Houston. Iron ore futures initially held firm, with Aug hovering around mid-108 despite China’s Ministry of Industry and Information Technology warned on Tuesday that current iron ore prices …
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FIS Fuel Oil Morning Report 22/07/2020
Brent futures tumbled 35 cents, or 0.8%, to $43.97 a barrel by 5:41 am GMT, and WTI futures plunged 39 cents, or 0.9%, to $41.53. Front-month September ICE Brent futures briefly touched a four-month high above $44.80/b in the US trading sessions as investor optimism was buoyed by promising results from multiple COVID-19 vaccine trials …