*Brace for the Second Wave As the British Prime Minister, Boris Johnson, warns the country to start to prepare for a second wave of the virus after implementing quarantine measures on visitors from mainland Spain, so too the oil industry is warning of yet more disruption to come. Top US and European oil companies are …
Category archives: Fuel Oil
Capesize rates correct further on bearish outlook
Capesize rates resumed its correction phrases for the short week with Singapore on public holiday at Friday. The Capesize 5 time charter average then dropped further by $270 day-on-day to $17,014 on Monday, after a sluggish start of the short trading week. Likewise, the Baltic Dry Index (BDI) slipped 1.82% day-on-day to 1,293 readings on …
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Oil and Ore Intraday Morning Technical
Morning Oil Note 28/7/20
Good morning all. Brent crude futures were unchanged at $43.41 a barrel at 0634 GMT while U.S. WTI crude futures fell 14 cents, or 0.3%, to $41.46 a barrel. Both benchmarks rose as much as 0.5% earlier in the session. The US dollar dropped to its lowest rate against six other major currencies after …
Fuel Oil Daily Evening Report
Capesize rates spiral downward on supply glut
Capesize rates continued its downward movement due to muted market in both basin and fell further away from the $20,000 level. Thus, the Capesize 5 time charter average came under selling pressure and recorded at $17,284, down $1,258 day-on-day on Friday. The Baltic Dry Index (BDI) did not fared better as well and continued the …
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Oil Through the Looking Glass 27/7/20
*Geopolitical Angst and Rising Virus Cases Weigh in Market The escalating tensions between China and the United States has left the market shaky. The consulate closing dispute is the latest move by the two countries which started with a trade war last year. According to data from John Hopkins University, global COVID-19 case counts have …
FIS Fuel Oil Morning Report 27/07/2020
Brent futures were down 8 cents/b, or 0.18%, to $43.26/b by 3:15 am GMT, while WTI futures were down by 4 cents/b, or 0.1%, at $41.25/b. The drop of oil prices mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies following the closures of consulates …
Fuel Oil Daily Evening Report
Capesize rate plunges below $20,000 level on soft shipping demand
Capesize rates came under the $20,000 level and quick fashion after softening demand in both the Pacific and Atlantic markets. As such, the Capesize 5 time charter average plunged further by $1,578 day-on-day to $18,542 on Thursday. Following the tumble, the Baltic Dry Index (BDI) dropped by 5.77% day-on-day to 1,388 readings, reflecting the weakness …
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