FIS API Blog
Both WTI and Brent crude contracts rose about 9% last week and Brent crude futures have flipped into backwardation, so that oil for immediate delivery costs more than that to be provided later, usually an indication of tightening supply. In Canada and the United States, the number of operating oil and natural gas rigs …
Continue reading “US rig count falls as Asia refiners stall”
Capesize rates had a meteoric rise for the week, jumping from $13,000 base level to over $25,000 level by the end of week on good shipping demand. The Capesize 5 time charter average made a gain of $231 day-on-day to $25,511 on Friday, spotting one of the smallest gains of the week as compared to …
Continue reading “Capesize hits a new norm at $25,000 level”
*Crude Holds Above $42* Oil this morning is holding onto recent gains, staying above the $42 mark on Brent. Brent crude’s prompt spread was in backwardation for a third day, a bullish market structure that indicates tightening supply. It flipped from contango on Thursday for the first time since March. Meanwhile in the US oil …
Brent crude fell 10 cents, or 0.2%, to $42.04 a barrel by 0655 GMT, while U.S. crude was at $39.72 a barrel, down 11 cents, or 0.3%. Both contracts rose about 9% last week and Brent crude futures have flipped into backwardation, so that oil for immediate delivery costs more than that to be provided …
*China’s New 0.5% Contract* The new contract will launch Monday on the Shanghai International Energy Exchange (INE). This development follows the news that 20 Chinese refineries are ready to provide the new IMO compliant fuel. China removed a consumption tax on fuel oil this year and issued its first-ever supply quotas for 10 million tonnes …
Capesize rates reached another new height again and broke the $20,000 level amid the freight rally. Thus, the Capesize 5 time charter average increased by $6,244 day-on-day to $25,280 on Thursday, another year-high rates, even after a selloff by trade participants for profit-taking. Supported by robust Capesize market, the Baltic Dry Index (BDI) achieved the …
It is one of the best-known Beatles songs from their final studio album Let It Be, but it also encapsulates perfectly the challenge many commodity markets face as they begin to recover from the enormous disruption of Coronavirus. The pandemic has impacted every metric you can think of: quantitative easing, government debt, unemployment, share …
Capesize rates continued to chase new height for the year, buoyed by the strong shipping and iron ore demand. The Capesize 5 time charter average rose by $4,250 day-on-day to $19,036 on Wednesday, another year-high as the paper market saw over 8,000 lots change hands by the close of trading day. Likewise, the Baltic Dry …
