FIS API Blog
Lingering concerns over rising Coronavirus infections worldwide and its impact on demand continued to weigh on crude market sentiment and limit any upside. More than 14.5 million people have been infected by the novel Coronavirus globally and more than 604,000 have died of COVID-19, the disease caused by the pathogen, according to a Reuters …
Continue reading “Crude nervy on virus threat to US gasoline demand”
Capesize rates ended its losing streaks and booked slight gains with improvement of shipping demands in both basins. The Capesize 5 time charter average went up $252 day-on-day to $24,639 on Thursday, as the Australian miners returned to the spot market. Given the Capesize uptick, the Baltic Dry Index (BDI) inched up slightly by 0.18% …
A V-Shaped Recovery We have noted for several weeks now that there are more and more examples of countries or sectors returning to work. GDP figures show China has returned to growth, with many other countries reversing the dramatic trend that befell their Q1 economic data. It is, so far, a V-shaped rebound that has …
Continue reading “Ship Shape – FIS Commodity Weekly 17/07/20”
*OPEC Eases Oil Cuts OPEC+ Joint Ministerial Monitoring Committee agreed on July 15 to taper production cuts from the current 9.7 million b/d to 7.7 million b/d from August. The main motivation behind this decision was confidence about recovering global demand, aided by seasonal consumption in many OPEC countries in the Middle East where peak …
Capesize rates came under correction again, perhaps fulfilling market expectation of a week for correction due to shipping supply glut. The Capesize 5 time charter average then fell further by $1,175 day-on-day to $24,387 by mid-July, 15 July 2020, despite an influx buyers entered at the afternoon session. Following the decline, the Baltic Dry Index …
Continue reading “Capesize rates venture into a week of correction”
According to data released yesterday by the EIA, US crude inventories fell 7.5 million barrels to 531.7 million barrels for the week ended July 10, outpacing the 2.1 million-barrel drop expected by analysts and narrowing the surplus to the five-year average to 16.6%. Furthermore, gasoline stocks fell 3.1 million barrels over the same period to …
Continue reading “OPEC+ to ease cuts on improving market confidence”
