*US Shale Production to Hit Two Year Low* Shale oil production in the United States looks set to fall to 7.49 million bpd, a drop of 56,000 in a forecast published by the EIA. The U.S. oil and natural gas rig count fell by five to an all-time low of 258 in the week to …
Category archives: News
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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Capesize rates slip on thin physical activity
Capesize rates slipped again over market concerns on the deteriorating physical market with long tonnage list in the Pacific market. On that note, the Capesize 5 time charter average dipped by $680 day-on-day to $26,964 on Monday, as the paper market came under pressure on declining physical market. Following the decline, the Baltic Dry Index …
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DCE rises again on supply concerns
Iron ore futures rose for the second consecutive day on Tuesday, in view of supply tightness in the market. At the closing of the afternoon session, the most-traded iron ore for September delivery on China’s Dalian Commodity Exchange went up by 2.44 % or RMB 20 day-on-day to RMB 838.50 a tonne. Likewise, the steel …
Steel & Scrap Morning Report
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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