At 2:27 am GMT, Brent futures were up 7 cents/b, or 0.16%, at $43.35/b, while WTI was up by 6 cents/b, or 0.15%, at $40.87/b, and it has continued to rise into the European trading hours. Prices were offered support by positive news on the development of vaccines as pharmaceuticals and medical institutions are …
Author archives: Lee Welch
Crude nervy on virus threat to US gasoline demand
Lingering concerns over rising Coronavirus infections worldwide and its impact on demand continued to weigh on crude market sentiment and limit any upside. More than 14.5 million people have been infected by the novel Coronavirus globally and more than 604,000 have died of COVID-19, the disease caused by the pathogen, according to a Reuters …
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ShipShape: A V-Shaped Recovery
We have noted for several weeks now that there are more and more examples of countries or sectors returning to work. GDP figures show China has returned to growth, with many other countries reversing the dramatic trend that befell their Q1 economic data. It is, so far, a V-shaped rebound that has mirrored much of …
China stocks slide sparks iron ore sell-off
Iron ore futures saw losses on the back of the biggest fall of Chinese stocks in more than five months, as investors cooled down their buying spree on signs of policy tightening after the country’s economic growth in the second quarter beat expectations. This, coupled with some profit-taking activities on the back of the …
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OPEC+ to ease cuts on improving market confidence
According to data released yesterday by the EIA, US crude inventories fell 7.5 million barrels to 531.7 million barrels for the week ended July 10, outpacing the 2.1 million-barrel drop expected by analysts and narrowing the surplus to the five-year average to 16.6%. Furthermore, gasoline stocks fell 3.1 million barrels over the same period to …
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Iron ore futures yo-yo as China steel exports fall
Iron ore futures surged above 109 in London morning on Wednesday, reversing early losses in Asia, on fresh concerns of coronavirus outbreak in China. According to sources at port, a crew member in Lianyun Port was rumoured to have contracted the coronavirus, leading to fears of possible delays in ships unloading. So far, China …
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Crude stocks down, demand up, prices holding, buyers opportunistic
According to Tuesday’s API report, US crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels. Official data from the Energy Information Administration are due later on today. Furthermore, an OPEC report published on July 14 raised its forecast for 2020 oil …
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Iron ore futures firmer as Australian volumes surge
Iron ore futures advanced on Tuesday on renewed optimism over a swift economic recovery in China and hopes for further demand after the rainy season. The world’s biggest steel producer brought in 101.68 million tonnes of iron ore last month, surging from 87.03 million tonnes in May, data from the General Administration of Customs …
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FIS Weekly Ferrous: iron ore neutral but risk remains
Ferrous Sector Money-flow: The previous weekly report gave seven weeks of short-run consolidation from the end of May when seeing the open interest peak for DCE market. However market was strong by the first half of July. Open interest indicated most of the push was due to exit of shorts and re-entry as new …
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After flaming June, dry July for oil market?
Rising COVID-19 cases globally reached 13 million infections and half million deaths, remaining a key drag on market sentiments. With California, the Philippines, Hong Kong and Australia tightening restrictions again as daily infections spike, July could be an even more challenging month for oil than expected. Moreover, the market will be monitoring closely the …
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