**BP Says the Era of Oil-Demand Growth Is Over** BP becomes the first oil major to announce that the relentless oil demand is over, something that many thought would last at least another decade. Coronavirus has pushed prices of oil to all time lows through 2020, and BP have reports to show that levels may …
Category archives: Fuel Oil
Oil and Ore Intraday Morning Technical
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Capesize rates rally on good physical demand
Capesize freight rates rallied further due to better shipping demand in the physical market. The Capesize 5 time charter average then rose $205 day-on-day to $15,942 on Tuesday, following the improvement in market sentiment. The Baltic Dry Index (BDI) thus rose slightly by 0.55% or 7 points day-on-day to 1,282 readings on the active shipping …
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Morning Oil report
Brent crude rose 60 cents or 1.5% to $41.13 whilst WTI was up 68 cents or 1.8% to $38.96. Both contracts rose over 2% on Tuesday. The market sentiment around crude remains bearish given announcements from BP regarding oil demand and how that may have peaked in 2019, on top of the news that …
Fuel Oil Daily Evening Report
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Oil Through the Looking Glass 15/9/20
*Hedge Funds Dump Oil as Outlook Worsens* Hedge funds sold crude oil at the fastest rate in two years as the slightly bullish attitude towards the end of August disappeared completely into a bearish sentiment, triggering a sell off of nearly 171 million barrels of the most important petroleum futures according to Reuters. *OPEC …
Capesize rates gain on better raw materials’ demand
Capesize freight rates continued its upward movement due to better physical market with healthy demand in the Pacific market. The Capesize 5 time charter average then rose $489 day-on-day to $15,737 on Monday, due to the pickup in the physical market. The Baltic Dry Index (BDI) also gained from the active physical market and hiked …
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Morning Oil Report 15/9/20
Good morning all. Brent futures were down 5 cents or 0.1% this morning, to $39.56 per barrel whereas the US benchmark, WTI was printing 3 cents lower or 0.1% to $37.23. Both these benchmarks are set to remain around the $35 to $40 per barrel until heating oil demand picks up in the US, as …
Fuel Oil Daily Evening Report 14/9/20
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Oil Through the Looking Glass 14/9/20
*UAE’s Breach of OPEC Output Pact Shakes Oil Traders’ Faith* Just as OPEC+ seemed to have output quotas under control, the UAE has admitted to oversupplying in both July and August amidst uncertain pricing level for the crude benchmarks. This has traders wary of what the rest of the year will bring according to Bloomberg …