Category archives: Fuel Oil

Morning Oil Report 20/11/20

Brent crude futures were down 5 cents, or 0.1% to $44.17 a barrel at 0744 GMT. U.S. West Texas Intermediate crude contract was down at $41.90 a barrel. The WTI contract for November, which expires on today, was also flat at $41.74 per barrel.   The news of vaccine efficacy is having positive reverberations around …

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Capesize rates fall due to supply gut in the Atlantic

Capesize freight rates continued to slide on mixed market from an oversupplied Atlantic market, despite some cargo improvement seen in the Pacific. Due to the mixed market movement, the Baltic Dry Index (BDI) increased slightly by 1.70% or 19 points to 1,134 readings.   Both basins move in different directions Atlantic market was still oversupplied …

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Oil Through the Looking Glass 19/11/20

*Venezuelans Steal PDVSA Crude and Make Their Own Gasoline* Venezuela, which is currently starved of fuel has seen a large spree of thefts from idled state oil field with many home-distilling their own gasoline in a bid to try and obtain the product. Although it is only a small amount of total output from the …

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Morning Oil Report 19/11/20

Brent crude futures gained 12 cents, or 0.3%, to $44.46 a barrel by 0733 GMT, after gaining 1.4% on the previous day.   The US looks to begin its holiday season, a time typically for driving around the country, but this year, it is expected that the pandemic will cut the number of journeys made …

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Capesize rates dip despite improvement in the Pacific

Capesize freight rates continued to fall on softening physical market, despite some improvement in the Pacific market. The Capesize 5 time charter average dipped slightly by RMB 299 day-on-day to $11,730 on Wednesday, due to selling pressure on the weak Atlantic market. The Baltic Dry Index (BDI) was almost flattish and booked a slight gain …

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European Close 18/11/20

Iron ore futures continue to trade at new highs signaling the market trend remains bullish. Demand remains resilient whilst we are seeing a decline in steel inventories by 178,400 tons (MySteel), this is following the strong industrial and property data from yesterday.   The fundamental continues to support the market with futures trading up to …

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