Good morning all. Brent crude futures were down 35 cents, or 0.8%, at $42.79 a barrel as of 0633 GMT, and U.S. WTI crude futures fell 35 cents, or 0.9%, to $40.30 a barrel. Both benchmarks rose more than 2% yesterday, buoyed by stronger-than-expected U.S. jobs data and a fall in U.S. crude inventories. For …
Category archives: Fuel Oil
Fuel Oil Daily Evening Report
Capesize maintains over $30,000 level despite softening demand
Capesize rates hovered above the $30,000 level, despite softening freight rates recorded in both Pacific and Atlantic markets. This weakness was reflected in the paper market, which the Capesize 5 time charter average saw a slight gain of $62 day-on-day to $30, 939 on Wednesday, from a weak afternoon session. The Baltic Dry Index (BDI) …
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Oil Through the Looking Glass 2/7/20
*OPEC Output Lowest Since 1991* OPEC after the pandemic hit has been desperately trying to support prices with supply cuts. The effect of their latest agreement will cut output to levels not seen since 1991. This has been delivered through a combination of extra cuts from Saudi Arabia and better compliance from other slacking agreement …
Oil and Ore Intraday Morning Technical
Morning Oil Note 2/7/20
Good morning all. U.S. WTI crude futures fell 10 cents, or 0.3%, to $39.72 a barrel at 0148 GMT, trimming a 1.4% rise from Wednesday. Brent crude futures eased 6 cents, or 0.1%, to $41.97 a barrel, after rising 1.8% in the previous session. The market has moved up this morning after a fall in US …
Fuel Oil Daily Evening Report
Oil Through the Looking Glass 1/7/20
*Europe Next on the Crude Splurge List* After the reports a few weeks ago of the Chinese increase in crude buying, it seems that this is now waning. China has bought so much crude that its inventories have hit a record 847.50 million barrels in the week that began June 22, Kpler data showed. With …
Capesize hovers above $30,000 level and BDI reaches year-high
Capesize rates stabilized at the $30,000 level, but the market remained at backwardation as some trade participants do not believe on the long-term strength of capes. Thus, the Capesize 5 time charter average saw a small gain of $79 day-on-day to $30, 857 on Tuesday. The Baltic Dry Index (BDI) also spotted small gain of …
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