FIS API Blog
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”
Capesize rates continued its downward slide as supply buildups, while shipping demand remained yet to be seen in the market. Following the decline, the Capesize 5 time charter average dived down by $1,402 day-on-day to $25,562 on Tuesday. Likewise, the Baltic Dry Index (BDI) continued to descend and dropped by 2.79% day-on-day at 1,742 readings. …
Continue reading “Capesize rates spiral down from supply buildups”
*US Shale Production to Hit Two Year Low* Shale oil production in the United States looks set to fall to 7.49 million bpd, a drop of 56,000 in a forecast published by the EIA. The U.S. oil and natural gas rig count fell by five to an all-time low of 258 in the week to …
Capesize rates slipped again over market concerns on the deteriorating physical market with long tonnage list in the Pacific market. On that note, the Capesize 5 time charter average dipped by $680 day-on-day to $26,964 on Monday, as the paper market came under pressure on declining physical market. Following the decline, the Baltic Dry Index …
Continue reading “Capesize rates slip on thin physical activity”
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 …
