Rig Count Weekly – November 29, 2010
Number of crude oil drilling rigs fell for 7; Number of natural gas drilling rigs rose for 17.
Archive for the ‘Commodities’ Category
Dry Bulk Weekly – November 29, 2010
Very nervous and volatile week. Markets again on crossroad; to reiterate my view: I expect rate recovery in near term, if rates fail to rebound and if Chinese commodity demand doesn’t return soon I would be very worried.
U.S. Freight Carloads Weekly – November 28, 2010
U.S. railroads originated 297,990 carloads, up 3.8% compared with the same week in 2009 and up 1.3% compared with 5-year average. Week over week change was +0.2%.
Tanker Weekly – November 27, 2010
Baltic Dirty Tanker Index fell 4.8%; Baltic Clean Tanker Index rose 4.0%.
Back to normal: supply of ships outweighing demand.
U.S. Natural Gas Weekly – November 25, 2010
Working gas in storage fell 6 Bcf from previous week. Consensus was at 3 Bcf.
I expect large draws in following weeks.
U.S. Petroleum Weekly – November 25, 2010
Crude oil stocks rose 1.0 million barrels; Gasoline stocks were up 1.9 million barrels; Distillate stocks were down 0.5 million barrels; Propane/propylene stocks fell 0.4 million barrels; Other oils stocks decreased 1.4 million barrels; Total crude oil and petroleum stocks were 0.3 million barrels lower than the week before.
Refinery utilization rose 1.5% to 85.5%.
Implied crude oil demand remained unchanged.
Crude oil and petroleum product net imports rose 1.3 million barrels to 9.4 million barrels.
Excess of excesses are now cleared; demand is unchanged and now again the stocks will probably again begin to rise.
Rig Count Weekly – November 22, 2010
Number of crude oil drilling rigs rose for 11; Number of natural gas drilling rigs fell for 19. Significant shift from natural gas drilling to crude oil. This should be supportive for natural gas price.
On world scale number of drilling rigs rose for 43 rigs in October. All of the gains coming from North America.
Dry Bulk Weekly – November 22, 2010
Baltic dry index fell 6.8% last week; Capesize Index was down 2.4%; Panamax Index fell 13.8%; Supramax Index was down 8.4%; Handysize Index fell 5.4%.
Capsize Index started forming a bottom; Steel inventory falling; As I wrote last Monday I expect Chinese buyers returning to the market soon and substantial ramp up in iron ore imports.
Tanker Weekly – November 20, 2010
Baltic Dirty Tanker Index rose 9.8%; Baltic Clean Tanker Index rose 13.6%.
Rates rose on falling crude oil stocks and distillate demand from China…
U.S. Freight Carloads Weekly – November 20, 2010
U.S. railroads originated 297,269 carloads, up 5.7% compared with the same week in 2009, but down 6.0% compared with 5-year average. Week over week change was +3.2%…
U.S. Natural Gas Weekly – November 18, 2010
Working gas in storage rose 3 Bcf from previous week. Consensus was at 7 Bcf…
U.S. Petroleum Weekly – November 18, 2010
Crude oil stocks fell 7.3 million barrels; Gasoline stocks were down 2.7 million barrels; Distillate stocks were down 1.1 million barrels; Propane/propylene stocks rose 0.9 million barrels; Other oils stocks rose 0.7 million barrels; Total crude oil and petroleum stocks were 9.1 million barrels lower than the week before.
Refinery utilization rose 1.6% to 84.0%.
Implied crude oil demand rose 0.3 million barrels to 14.5 million barrels.
Crude oil and petroleum product net imports fell 0.2 million barrels to 8.1 million barrels.
Refiners disciplined in cutting capacity and stocks;stockpiles overall still high; if China reduced imports and U.S. have reduced imports one wonders where excess crude oil is ends up…
A Bear In China?
Commodities imports stalling; Baltic Dry Index again collapsing; Equities sharply lower…
Dry Bulk Weekly – November 15, 2010
Baltic dry index fell 5.7% last week; Capesize Index was down 7.9%; Panamax Index rose 6.3%; Supramax Index was down 7.4%; Handysize Index was down 3.1%.
Apparently China has slowed down the rate of purchases here also. Despite falling stockpiles Chinese buying is weak which means rates are falling.
Tanker Weekly – November 15, 2010
Baltic Dirty Tanker Index rose 3.5%; Baltic Clean Tanker Index rose 3.2%.
Despite popular belief that China is driving crude oil demand the data for October shows that China imported just 16.4 million tons of crude oil. This is the lowest level since April 2009 and it is 30% bellow September imports. In the U.S., despite the recent draw stockpiles are still high and the demand probably will not change much…