Global Macro Perspectives
(For The Week Ending September 3, 2010) U.S. railroads originated 305,000 carloads, up 6.8% compared with the same week in 2009, but down 0.8% compared with 5-year average. Week over week change was +0.9%. Chart 1. Association of American Railroads U.S. Freight Carloads Total
Baltic dry index rose 4.1% last week; Capesize Index was up 2.1%; Panamax Index rose 8.7%; Supramax and Handysize Indexes gained 2.7% and 1.1% respectively. Iron ore stockpiles moved sharply lower, suggesting demand will be solid in near-term. Chart 1. Baltic Dry Indexes Relative Performance Chart 2. Baltic Dry Index Chart 3. Baltic Dry Index Components Chart 4. […]
Baltic Dirty Tanker Index fell 1.6%; Baltic Clean Tanker Index fell 2.7%. Too few cargoes and too many ships. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
(For The Week Ending September 3, 2010) Crude oil stocks fell 1.9 million barrels for the week ending September 3, 2010; Gasoline stocks decreased 0.2 million barrels; Distillate stocks fell 0.4 million barrels; Propane/propylene stocks rose 1.6 million barrels; Other oils stocks were up 1.5 million barrels; Total crude oil and petroleum stocks were 0.2 […]
(For The Week Ending September 3, 2010) Working gas in storage rose 58 Bcf from previous week. Consensus was at 57 Bcf. My stance is unchanged from previous week: “Stockpiling will be higher in the following weeks (because of mild temperatures) so the overall supply/demand balance for the coming months will be better then last year, but […]
(For The Week Ending September 3, 2010) Number of crude oil drilling rigs fell for 7; Number of natural gas drilling rigs rose for 4. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. Rig Count Chart 3. Baker Hughes Monthly World Rig Count
(For The Week Ending August 27, 2010) U.S. railroads originated 302,358 carloads, up 8.2% compared with the same week in 2009, but down 8.1% compared with 5-year average. Week over week change was +1.2%. Chart 1. Association of American Railroads U.S. Freight Carloads Total
Baltic dry index rose 6.0% last week; Capesize Index was up 14.1%; Panamax Index rose 4.8%; Supramax and Handysize Indexes lost 5.5% and 1.2% respectively. China steel prices ticking up, bringing some demand to the shipping markets. Chart 1. Baltic Dry Indexes Relative Performance Chart 2. Baltic Dry Index Chart 3. Baltic Dry Index Components […]
Baltic Dirty Tanker Index fell 3.0%; Baltic Clean Tanker Index fell 2.2%. Supply is overwhelming demand; rates are approximately at ship operating costs; vessel owners are slowing down vessel speed to reduce supply. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
(For The Week Ending August 27, 2010) Working gas in storage rose 54 Bcf from previous week. Consensus was at 55 Bcf. Stockpiling will be higher in the following weeks (mild temperatures) so the supply/demand balance will be better then last year, but altogether bad. This points that we have only technical factors on our side, […]
(For The Week Ending August 27) Crude oil stocks rose 3.4 million barrels for the week ending August 27; Gasoline stocks decreased 0.2 million barrels; Distillate stocks fell 0.7 million barrels; Propane/propylene stocks rose 1.5 million barrels; Other oils stocks were up 2.3 million barrels; Total crude oil and petroleum stocks were 4.0 million barrels […]
(For The Week Ending August 20, 2010) U.S. railroads originated 296,634 carloads, up 7.3% compared with the same week in 2009, but down 8.1% compared with 5-year average. Week over week change was +0.2%. Chart 1. Association of American Railroads U.S. Freight Carloads Total
(For The Week Ending August 27, 2010) Number of crude oil drilling rigs rose for 17; Number of natural gas drilling rigs fell for 12. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. Rig Count Chart 3. Baker Hughes Monthly World Rig Count
Baltic dry index fell 1.6% last week; Capesize Index fell 3.6%; Panamax Index fell also 3.6%; Supramax and Handysize Indexes gained 1.6% and 1.0% respectively. I added 3 new charts below. Iron ore and steel inventory (5 cities only, but I think it should work as a proxy) and iron ore price. The fundamentals are […]
Baltic Dirty Tanker Index fell 5.5%; Baltic Clean Tanker Index fell 0.4%. Supply is overwhelming demand, rates are approximately at ship operating costs, I don’t think further comment is needed. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes