Oil futures were mixed on Monday morning, with Brent buoyed by tighter supplies to 18 cents (0.4%) at $42.98 a barrel at 2:52 am GMT, while concerns about rising COVID-19 cases in the US dampened WTI futures by 23 cents (0.6%) to $40.42 from its last settlement on Thursday. Newly reported coronavirus cases and mobility …
Category archives: Fuel Oil
Oil Through the Looking Glass 3/7/20
*OPEC’s Oil Basket Above $40* The collective prices of OPEC oil grades have pushed above $40 for the first time in four months. This falls in line with the slow-moving bullish sentiment that has been seen over the past couple of months as crude recovered for its lows in April. *US Lifts Some Venezuela …
Oil and Ore Intraday Morning Technical
Capesize rates rise over miners’ fixing spree
Capesize rates stayed above the $30,000 level due to the recent miners’ fixing spree in moving iron ore cargoes for arrival in China. The Capesize 5 time charter average reflected the firm freight market and spotted a gain of $438 day-on-day to $31, 377 on Thursday. This left the Baltic Dry Index (BDI) to seek …
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Morning Oil Note 3/7/20
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 …
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 …