That is quite a recovery from what was a pretty dire situation for crude. Brent has now risen 6 weeks on the bounce, from a front month price close of around $19.15 on the 21st April to over $40 currently. If we don’t get a Friday sell off/profit taking, I’m sure that the powers that be …
Tag archives: FO
Brent August 20 Morning Technical Comment – 240 Min
Oil Through the Looking Glass
Doubts Over OPEC Cuts Crude prices have dropped this morning due to the less optimistic picture among the OPEC+ oil cartel than we had yesterday. Russia and Saudi Arabia may have agreed to support each other on an extension to the cut agreement, masquerading as an oil version of the resolution to the film Step …
Brent August 20 Morning Technical Comment – 240 Min
Capesize rates strengthen by better iron ore demand
Capesize market spiked further upward due to improving shipping fundamentals and higher iron ore demand. Due to the good physical market, the Capesize 5 time charter average rose by $1,054 day-on-day to $5,247 on Wednesday. In view of the strong Capesize market, the Baltic Dry Index (BDI) reached to a three-week high to 592 ratings, …
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OPEC+ squabbles as family tensions mount
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group. But they failed to agree to holding the meeting to discuss it with the wider group. The alliance that’s …
Oil market gripped by ‘rabid optimism’ for now at least
OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting. Russia and several other OPEC+ nations favor extending the group’s current output curbs by one month. The cuts …
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Capesize firms on better fundamentals
Capesize rates firmed up with improvements seen in both the Pacific and Atlantic basins on better shipping demand. Higher bunker prices also lent support to the rising freight rates that pushed the Baltic Dry Index (BDI) higher to 546 points, up 5% day-on-day on Tuesday. Good fundamentals in Pacific market The Pacific …
Brent August 20 Morning Technical Comment – 240 Min
Capesize rates hike up amid European holidays
Capesize rates gained slightly despite holidays across Europe that took off several players out of the market. Despite of thin trading, the Capesize 5 time charter average hiked by $279 to $3,648 on Monday, without any noticeable change in the physical market. In the meantime, the Baltic Dry Index (BDI) had gained steadily to 520 …
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