Category archives: Fuel Oil

Morning Oil Report 24/8/20

Good morning all. Brent futures were down 2 cents, or 0.1%, to $44.33 a barrel by 3:16 am GMT, while WTI futures slipped 2 cents, or 0.1%, to $42.32 a barrel.   With the markets moving into a soft contango and the front-month struggling to breakout topside even as broader risk market stabilize, traders have …

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Ship Shape – A Sleeping Bull in a China Shop

Sleepy Joe may have confirmed Kamala Harris as his running mate for the US Presidency, but there is another sleepy factor lurking in the background, ready to bring either fireworks or a quiet slide into obscurity towards the end of this year. The world has endured a period of huge upheaval. From the virus outbreak …

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Morning Oil Report 21/8/20

Good morning all. Brent futures were up 17 cents, or 0.4%, at $45.07 per barrel at 5:05 am GMT, while WTI futures rose 13 cents, or 0.3%, to $42.95 per barrel.   US initial jobless claims for the week ended Aug. 15 was reported at 1.11 million, higher than analysts’ expectations of a 925,000 gain …

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Capesize rates slide on selling pressure amid Vale’s fixing spree

Capesize freight rates continued to slide despite a flurry of fixtures done by Brazilian miner over a short span of days. The Capesize 5 time charter average went down by $898 day-on-day to $18,570 on Thursday, despite bullish sentiment over the Brazil to China route. The Baltic Dry Index (BDI) then dropped by 3.19 % …

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Oil Through the Looking Glass 20/8/20

*Crude Stocks Fall While Imports Rise The EIA reported yesterday that crude inventories fell by 1.6 million barrels in the week to Aug. 14 to 512.5 million barrels, less than analysts’ expectations in a Reuters poll for a 2.7 million-barrel drop. This drop came despite a rise in net imports of 1.1 million bpd   …

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Morning Oil Report 20/8/20

Good morning all. Brent futures were down 36 cents, or 0.8%, at $45.01 a barrel by 4:42 am GMT, WTI futures were down 38 cents, or 0.9%, at $42.55 a barrel.   The US Federal Reserve released the minutes of its July Federal Open Market Committee meeting on Aug. 19 that highlighted the COVID-19 pandemic …

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Capesize rates weaken despite record-high iron ore prices

It was another softening day for the Capesize paper market despite robust steel demand in China that led iron ore prices to rise to a six-year high. The Capesize 5 time charter average went down by $225 day-on-day to $19,468 on Wednesday, despite another round of fixing spree by Brazil’s Vale for the Brazil to …

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