Archive for category Commodities
U.S. Petroleum Weekly – July 29, 2010
Posted by Belisarius in Commodities, U.S. Natural Gas Weekly on July 29, 2010
Crude oil stocks rose 7.3 million barrels for week ending July 16; Gasoline stocks remained unchanged; Distillate stocks increased 0.9 million barrels; Propane/propylene stocks rose 0.5 million barrels; Total crude oil and petroleum stocks were 9.0 million barrels higher than the week before.
Refinery utilization fell from 91.5% to 90.6%.
Implied crude oil demand was at 15.6 million barrels.
Crude oil and petroleum product net imports rose to 11.4 million barrels.
All categories of petroleum stocks are at extremely elevated levels. Highest in last 5 years for this time of the year.
Rig Count Weekly – July 25, 2010
Posted by Belisarius in Commodities, Rig Count Weekly on July 25, 2010
Number of crude oil drilling rigs rose for 11 for the week ending July 23, 2010; Number of natural gas drilling rigs rose for 3 rigs in the same time frame.
Chart 1. Baker Hughes U.S. Rig Count Change
Source: Baker Hughes
Chart 2. Baker Hughes Weekly U.S. Rig Count
Source: Baker Hughes
Chart 3. Baker Hughes Monthly World Rig Count
Source: Baker Hughes
Dry Bulk Weekly – July 24, 2010
Posted by Belisarius in Commodities, Dry Bulk Weekly on July 24, 2010
Baltic dry index rose 6.2% last week; Capesize Index gained 1.9%; Panamax Index rose 12.9%; Supramax and Handysizes Indexes gained 4.6% and 3.6% respectively.
Commodore Research July 21, 2010:
One of the most troubling signs in the Chinese economy at the moment is therecent (and relatively long-lasting) decline in steel prices. Steel prices have fallen consistently since theend of April, even while stockpiles and production levels have remained firm. In recent weeks, though,steel output has decreased moderately but has remained at historically robust levels. Last week’s declinein steel prices was one of the smallest week-on-week declines since April, however, and steel prices maybe on the verge of finding support.
Tanker Weekly – July 24, 2010
Posted by Belisarius in Commodities, Tanker Weekly on July 24, 2010
Baltic Dirty Tanker Index rose 3.5%; Baltic Clean Tanker Index rose 0.6%.
Again, soft markets, supply eased a little bit, but still high.
Chart 1. Baltic Tanker Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Tanker Indexes
Source: Bloomberg
U.S. Natural Gas Weekly – July 23, 2010
Posted by Belisarius in Commodities, U.S. Natural Gas Weekly on July 23, 2010
Working gas in storage rose 51 Bcf from previous week. Consensus was at 51 Bcf.
Chart 1. Natural Gas Futures
Source: Bloomberg
Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Source: EIA
Chart 3. Natural Gas Futures Curve
Source: Bloomberg
U.S. Petroleum Weekly – July 22, 2010
Posted by Belisarius in Commodities, U.S. Petroleum Weekly on July 22, 2010
Crude oil stocks rose 0.4 million barrels for week ending July 16; Gasoline stocks rose 1.1 million barrels; Distillate stocks increased 3.9 million barrels; Propane/propylene stocks rose 0.9 million barrels; Total crude oil and petroleum stocks were 5.1 million barrels higher than the week before.
Refinery utilization rose from 90.5% to 91.5%. Highest since August 2007.
Implied crude oil demand was at 15.4 million barrels.
Crude oil and petroleum product net imports rose to 10.3 million barrels. All categories of petroleum stocks are still at extremely elevated levels.
Chart 1. Crude Oil Futures
Baltic Dry Index At 1761, Up 1.7%
Posted by Belisarius in China, Commodities, Markets on July 20, 2010
Floating at (a temporary) bottom…
Chart 1. Baltic Dry Index
Source: Bloomberg
Baltic Dry Index At 1732, Up 0.7%
Posted by Belisarius in China, Commodities on July 19, 2010
Not looking particularly strong…
Chart 1. Baltic Dry Index
Source: Bloomberg
Dry Bulk Weekly – July 18, 2010
Posted by Belisarius in Commodities, Dry Bulk Weekly on July 18, 2010
Baltic dry index fell 9.6% last week; The hardest hit were Capesizes with 20.3% loss; Supramaxes and Handysizes and lost 8.1% and 5.9%; Panamaxes gained 7.6%.
Spot cargo demand fell last week, looks like everybody’s playing wait and see game. Nothing that could reverse the losses on the horizon.
Chart 1. Baltic Dry Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Dry Index
Source: Bloomberg
Chart 3. Baltic Dry Index Components
Source: Bloomberg
Tanker Weekly – July 17, 2010
Posted by Belisarius in Commodities, Tanker Weekly on July 17, 2010
Baltic Dirty Tanker Index rose 4.5%; Baltic Clean Tanker Index rose 3.0%.
Demand supply balance improved a bit (the number of available vessels fell), but nothing major here.
Chart 1. Baltic Tanker Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Tanker Indexes
Source: Bloomberg