Category archives: News

Oil Through the Looking Glass 1/9/20

*Storm Damages Continue to hamper U.S. Gulf of Mexico Energy Operations* As refiners look to restart offshore operations, onshore repairs that are necessary as a result of the hurricane damages have been hampered this week due to power outages in Louisiana where the storm made early landfall on Thursday. Offshore production in the region was …

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DCE inches up on fastest PMI growth

Iron ore futures continued to rally for the second consecutive days on good economic indicators and robust steel demand. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange rose slightly by 0.24% or RMB 2 day-on-day to RMB 846.50 per tonne on Tuesday. The steel rebar contract on the Shanghai Futures …

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Morning Oil Report 1/9/20

Brent futures climbed 49 cents, or 1.1%, to $45.77 a barrel at 4:06 am GMT, while WTI futures rose 37 cents, or 0.9%, to $42.98 a barrel.   The current weakness in the dollar in the wake of the U.S. Federal Reserve’s policy shift on inflation announced last week is expected to push the currency …

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DCE rallies from strong steel demand and positive PMI

Iron ore futures started the week on higher note due to strong Chinese steel demand and positive economic indicator. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange rose by 2.61% or RMB 21.50 day-on-day to RMB 844 per tonne on Monday. The steel rebar contract on the Shanghai Futures Exchange …

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Capesize rates flat despite tonnage clearing in the Atlantic

Capesize freight rates remained flattish despite the clearing of tonnage in Atlantic and some shipping disruption due to typhoon in the East Asia. Thus, the Capesize 5 time charter average saw slight correction of $381 day-on-day to $18,394 on Friday. The Baltic Dry Index (BDI) also followed the dip and went down by 1.06% day-on-day …

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