FIS API Blog
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”
Episode 16 is all about cross commodities. Alistair Pettey, the new head of FIS’s cross commodity execution desk joins Chris, Alex and Tom to discuss new developments as well as the usual markets updates. Available now on the FIS website (www.freightinvestorservices.com/media ) Spotify https://open.spotify.com/show/7yMLsm5s8tLtrCQr7bG8wD?si=FW6Rvj9HRjClAx3vRjq8iw And Apple https://podcasts.apple.com/sg/podcast/fis-castaway/id1507094242
*API Predicts Another Inventory Fall* The API released their prediction last night that US crude stocks fell by 8.3 million bbls, contrary to analysts’ expectations of a 2.1 million decline. These predictions have added to positive moves this morning, as Brent moved further above $43. The EIA will announce their figures today at 3.30pm UK …
According to Tuesday’s API report, US crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels. Official data from the Energy Information Administration are due later on today. Furthermore, an OPEC report published on July 14 raised its forecast for 2020 oil …
Continue reading “Crude stocks down, demand up, prices holding, buyers opportunistic”
