FIS API Blog
Rising COVID-19 cases globally reached 13 million infections and half million deaths, remaining a key drag on market sentiments. With California, the Philippines, Hong Kong and Australia tightening restrictions again as daily infections spike, July could be an even more challenging month for oil than expected. Moreover, the market will be monitoring closely the …
Continue reading “After flaming June, dry July for oil market?”
*The Easing of OPEC’s Cuts?* With returning demand OPEC could start to loosen its production cuts after its recent move at strict adherence to the agreement. Saudi Arabia, who had previously been the main driver behind getting absolute compliance with the cut agreement from all participants, apparently is now pushing to an easing of the …
Capesize rates dropped on limited market activity as some trade participants were away due to public holiday in Singapore. The Capesize 5 time charter average dipped by $437 day-on-day to $27,644 on Friday, as the paper market was muted and rangebound due to the Singapore holiday. Due to the quiet market, the Baltic Dry Index …
Continue reading “Capesize rates correct on muted market activity”
OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May. Record high inventories in the US and a second wave contagion around the globe have added speculation that OPEC+ might yet …
*Singapore Holiday Adds to Quiet Friday* Singapore was on holiday today due to a snap election which left the market without its usual morning trading window and therefore volumes were diminished. Oil continued on from losses yesterday after the announcement of the Supreme Court decision in the release of President Trump’s finances. The market looks …
It was never going to be easy recovering from the largest economic shock the world has ever encountered. After record drop in consumer spending, GDP, travel and so many other indicators, it is hard to quite fathom the scale of the disruption, or the mountain left the climb to bring things back to normal. Debt …
