*API Predicts Another Inventory Fall* The API released their prediction last night that US crude stocks fell by 8.3 million bbls, contrary to analysts’ expectations of a 2.1 million decline. These predictions have added to positive moves this morning, as Brent moved further above $43. The EIA will announce their figures today at 3.30pm UK …
Category archives: Fuel Oil
Crude stocks down, demand up, prices holding, buyers opportunistic
According to Tuesday’s API report, US crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels. Official data from the Energy Information Administration are due later on today. Furthermore, an OPEC report published on July 14 raised its forecast for 2020 oil …
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Capesize rates spiral down from supply buildups
Capesize rates continued its downward slide as supply buildups, while shipping demand remained yet to be seen in the market. Following the decline, the Capesize 5 time charter average dived down by $1,402 day-on-day to $25,562 on Tuesday. Likewise, the Baltic Dry Index (BDI) continued to descend and dropped by 2.79% day-on-day at 1,742 readings. …
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Oil and Ore Intraday Morning Technical
Fuel Oil Daily Evening Report
*Oil Through the Looking Glass 14/7/20*
*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 …
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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Iron Ore Offshore July 20 Morning Technical Comment – 240 Min Chart
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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