Newly reported coronavirus cases and mobility data, including an EIA report on gasoline consumption coming out later this week, will be watched by market participants in order to determine the short-term direction of crude prices in the next few days. On the supply side OPEC+ production is at its lowest since 1991 and is …
Tag archives: WF
Tanker News Update 1/7/20
VLCC getting comfy? After seeing a dramatic fall in rates over the past weeks TD3c seems to be settling around the mid WS30’s with the last day of Q2 seeing the years low at WS34.79, a 188.79pt drop from the year high of WS223.58 on 16th March. Freight rates also seem to be softening in …
Oil market waits for data for pre-holiday direction
All eyes for signs of potential demand recovery are on data announcements due on Tuesday from the American Petroleum Institute, from the US government’s Energy Information Administration on Wednesday, and from the key 4 July holiday, when increased travel is expected. A Reuters poll showed analysts expect U.S. crude oil stockpiles fell from record …
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Did Someone Mention Increasing Demand?
It is the panacea for all markets, the biggest factor that could help us recover some sense of normality, the only thing that will bring a smile to suppliers across the world. It is, of course, increasing demand. The virus has caused huge disruption and left markets unable to react quickly enough to counteract …
Oil Through The Looking Glass
*Crude Back in Trouble* Oil prices have continued their movements downwards as the markets digests the news of another US stocks build reported yesterday afternoon, as well as a resurgent virus in the United States. New infections are at new daily records in Florida, Texas and California. According to the EIA U.S. crude inventories rose …
Tanker News Update 25/6
Uncertainty on the high seas One would say that the forecast is looking patchy with low winds not moving many sails. The general outlook is a market softening, as a flotilla of vessels are coming off the back of crude floating storage that earned a healthy profit. This ultimately has led to an …
Oil off highs on API build, awaiting EIA data
The oil market has continued to come off recent highs after the API predicted a build of 1.7 million bbls for last week. It did, however, also predict a draw in gasoline and distillate levels. But let’s keep an eye on for later this afternoon when the EIA will confirm the actual stats. …
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What the US takes away, Russia gives back
Prices dropped last night after Peter Navarro told Fox News in an interview that the trade deal with China was ‘over’, linking the breakdown in part to Beijing not sounding the alarm earlier about the outbreak of the Coronavirus. These worries were calmed by assurances from the President and White House that the agreement …
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US rig count falls as Asia refiners stall
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 …
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