*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 …
Tag archives: WF
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. …
Continue reading “Oil off highs on API build, awaiting EIA data”
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 …
Continue reading “What the US takes away, Russia gives back”
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 …
Continue reading “US rig count falls as Asia refiners stall”
Brent August 20 Morning Technical Comment – 240 Min
Oil Through the Looking Glass 18/6/20
*Fuel Demand to Remain Under Pressure* OPEC predicts that demand for fuel will continue to struggle into the second half of the year due to the effects of the virus. The group has kept its forecast for oil consumption unchanged predicting a 9% fall in demand, however it cut its supply needs by 2.17 mbd. …
Brent August 20 Morning Technical Comment – 240 Min
FIS Castaway – Eps.12 – Unprecedented Coverage in Unprecedented Times
This week the group discuss supply and demand in crude, freight, iron ore, and copper markets. We explore the reasons behind the freight markets jump, oil’s crawl upwards, and iron ore’s price stall, among other market news and trends. https://freightinvestorservices.com/blog/fis-castaway-eps-12-unprecedented-coverage-in-unprecedented-times/
Oil Through the Looking Glass 17/6/20
*Crude Stocks and Virus Cases* This morning we read that the API announced their prediction of US stock changes as a build of 3.86 mil bbls. It’s not as big as previous predicted builds we’ve seen recently, but it’s a build nonetheless, and has added to negative sentiment overnight that caused prices to fall. We …