That is quite a recovery from what was a pretty dire situation for crude. Brent has now risen 6 weeks on the bounce, from a front month price close of around $19.15 on the 21st April to over $40 currently. If we don’t get a Friday sell off/profit taking, I’m sure that the powers that be …
Category archives: News
DCE extends corrections despite strong Chinese demand
Chinese futures dipped further on lower buying interest, as buyers were turned off by high seaborne prices and preferred port purchases. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, slid down by 0.93% day-on-day to RMB 746 per tonne on Friday. Following the downtrend, the steel rebar contract …
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Iron ore futures fall as players take profits
Iron ore futures slumped on Thursday following some profit-taking activities as market participants turned cautious. The iron ore market has seen great volatility, pushing towards $100 on supply concerns following disruptions in Brazil as well as strong demand from China. The Dalian Exchange issued a notice earlier this week, urging member brokerages to …
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Oil Through the Looking Glass
Doubts Over OPEC Cuts Crude prices have dropped this morning due to the less optimistic picture among the OPEC+ oil cartel than we had yesterday. Russia and Saudi Arabia may have agreed to support each other on an extension to the cut agreement, masquerading as an oil version of the resolution to the film Step …
Capesize rates strengthen by better iron ore demand
Capesize market spiked further upward due to improving shipping fundamentals and higher iron ore demand. Due to the good physical market, the Capesize 5 time charter average rose by $1,054 day-on-day to $5,247 on Wednesday. In view of the strong Capesize market, the Baltic Dry Index (BDI) reached to a three-week high to 592 ratings, …
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OPEC+ squabbles as family tensions mount
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group. But they failed to agree to holding the meeting to discuss it with the wider group. The alliance that’s …
DCE in correction after recent rally
Chinese futures faced correction after recent rally as buying interests slowed, while steel demand came under threat from rainy season. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, dropped down by 2.12% day-on-day to RMB 737 per tonne on Thursday. Likewise, the steel rebar contract on the …
Capesize – Even Poor Summers give some Sunshine
2020 is taking the phrase annus horribilis to a new level for the Capesize 5tc market. The big sisters rarely have anything to celebrate in the first few months of the year, like a tourist spot emerging from lockdown, owners know that they to make hay when the sun is shining. Index values …
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Iron Ore Futures Consolidate on Supply Outlook
Dalian Iron ore futures have failed for a third day to break the high RMB 775 high that formed on the 01/06/20, bringing a halt to the previous 4-day rally after repeated warnings from financial institutions that the current supply tightness will ease in the later months of the year. Vale intend to …
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