Tanker Weekly – November 7, 2011
Baltic Dirty Tanker Index fell 1.9%; Baltic Clean Tanker Index fell -2.7%.
Global Macro Perspectives
Baltic Dirty Tanker Index fell 1.9%; Baltic Clean Tanker Index fell -2.7%.
I would say that the market is balanced now and all depends on the economic conditions.
Strong price action in the front end of the curve pushed the WTI into backwardation.
Huge move in WTI futures curve in the last two days. In theory this should be bullish.
Baltic Dirty Tanker Index rose 2.8%; Baltic Clean Tanker Index fell -2.8%.
Very strong inventory data is not translating into price strength.
Baltic Dirty Tanker Index rose 6.3%; Baltic Clean Tanker Index fell -0.4%.
The macro data will be the main factor driving the price of oil. The demand data was strong in the recent weeks, but came tepid in the last reading. The price has moved fast form deeply oversold into overbought, so the risks are to the downside.
Baltic Dirty Tanker Index rose 11.5%; Baltic Clean Tanker Index fell 2.2%.
Leading economic indicators are pointing to a recession. At the time being it looks like it could be a mild one, but taken into account all the unknowns (EMU future, China slowdown, bank balance-sheet question) it could easily develop into something more ominous.
Baltic Dirty Tanker Index rose 0.6%; Baltic Clean Tanker Index rose 4.9%.
Baltic Dirty Tanker Index rose 1.6%; Baltic Clean Tanker Index rose 3.7%.
Baltic Dirty Tanker Index rose 0.4%; Baltic Clean Tanker Index fell -1.7%.
On the supply side we had large crude oil draw in the last two weeks because hurricanes in the gulf. Demand anemic. I still believe that the macro data will be the main factor driving the price of oil. Overall I expect volatile trading with no clear trend.
It’s all about global macro picture now and that doesn’t look promising.