Morning Oil Note 7/8/20

Good morning all. Brent crude fell 6 cents, or 0.1%, to $45.03 at 2:46 am GMT, while WTI crude futures slipped 2 cents to $41.93 a barrel. The resurgence of coronavirus infections remains the main uncertainty in the oil market, as that will determine how fast fuel demand rebounds. Tallies show infections in the United States are …

Oil Through the Looking Glass 6/8/20

*OPEC Middle East Production Nudging Up Production from the Middle East moved up in July after Saudi Arabia, Kuwait and UAE reversed the voluntary production cuts above and beyond the official cut agreement. The largest increases came from Kuwait and UAE, followed by the Saudis. According to Bloomberg the four nations boosted crude and condensate …

Steel and Scrap News 6/8/20

*Physical scrap breaks the $280/t CFR barrier Physical scrap moved higher this week, with a handful of fixtures reported late last week and early this week. The most recent fixture included a Baltic based seller transacting an HMS 80:20 cargo at $283/t CFR. Furthermore, a Benelux based seller is reported to have transacted a 50:50 …

Capesize loses steam after recent rally

The Capesize market suffered a slip up after recent rally with less shipping enquires in both the Pacific and Atlantic market. The Capesize 5 time charter average then dropped by $304 day-on-day to $20,383 on Wednesday, due to some selling pressure before seeing a mini revival later at afternoon session for better rates. Thus, the …