Posts Tagged Crude Oil
Tanker Weekly – July 31, 2010
Posted by Belisarius in Commodities, Tanker Weekly on July 31, 2010
Baltic Dirty Tanker Index rose 7.5%; Baltic Clean Tanker Index fell 5.5%.
Nothing new here…supply overweighting demand.
Chart 1. Baltic Tanker Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Tanker Indexes
Source: Bloomberg
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.
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. 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
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
U.S. Petroleum Weekly – July 14, 2010
Posted by Belisarius in Commodities, U.S. Petroleum Weekly on July 14, 2010
Crude oil stocks fell 5.1 million barrels for week ending July 9; Gasoline stocks rose 1.6 million barrels; Distillate stocks increased 2.9 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 3.2 million barrels higher than the week before.
Refinery utilization rose from 89.8% to 90.5%. Highest since January 2008.
Crude oil and petroleum product net imports fell to 9.6 million barrels. All categories of petroleum stocks are still at extremely elevated levels.
Headline crude oil draw only masked the underlaying derivatives stockpiling. Crude oil imports fell as a consequence of reduced gasoline and distillate demand.
Tanker Weekly – July 11, 2010
Posted by Belisarius in Commodities, Tanker Weekly on July 11, 2010
Baltic Dirty Tanker Index fell 4.2%; Baltic Clean Tanker Index rose 0.5%.
In short, the supply of vessels overwhelms cargoes needed to be transported for at least following month.
Chart 1. Baltic Tanker Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Tanker Indexes
Source: Bloomberg
U.S. Petroleum Weekly – July 08, 2010
Posted by Belisarius in Commodities, U.S. Petroleum Weekly on July 8, 2010
Crude oil stocks fell 5.0 million barrels for week ending July 2; Gasoline stocks rose 1.3 million barrels; Distillate stocks increased 0.3 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 0.4 million barrels higher than the week before.
Refinery utilization rose from 88.4% to 89.8%. Highest since January 2008.
Crude oil and petroleum product net imports rose to 10.4 million barrels. All categories of petroleum stocks are still at extremely elevated levels.
Chart 1. Crude Oil Futures
Source: StockCharts.com
Tanker Weekly – July 4, 2010
Posted by Belisarius in Commodities, Tanker Weekly on July 4, 2010
Baltic Dirty Tanker Index fell 9.4%; Baltic Clean Tanker Index rose 8.0%.
Dirty rates falling on abundant supply (multiple ships competing for a single cargo), clean rates rebounding on increased hauling of petrochemical cargoes.
The drop in demand for crude oil is another factor confirming economic slowdown.
Chart 1. Baltic Tanker Indexes Relative Performance
Source: Bloomberg
Chart 2. Baltic Tanker Indexes
Source: Bloomberg
Monthly Strategy – July 2010
Posted by Belisarius in Monthly Strategy on July 3, 2010
Almost unchanged from June.
Equities
Only extremely favorable economic data could change the negative trend established. This is highly unlikely. So I would say we will soon see S&P 500 at 875.
On a macro level, the stimulus is wearing off, politicians and central bankers are not ready to continue with loose fiscal an monetary policies, just the opposite, austerity is the game. For now.
Private demand is weak. Private investments also show no strength. Real-estate is burdened with unsustainable debt levels, still to high prices and weak demand. Without real-estate investment recovery, we cannot talk on sustainable and historically high economic growth rates.