Global Macro Perspectives
Number of oil drilling rigs fell for 12 for the week ending July 16, 2010; Number of natural gas drilling rigs rose for 15 rigs in the same time frame. On world scale number of drilling rigs rose for 27 rigs in June. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. […]
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 Chart 2. […]
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 Chart 2. Baltic Tanker Indexes
And the slide is over… Chart 1. Baltic Dry Index
Working gas in storage rose 78 Bcf from previous week. Right at the consensus; price jumped 6%. Confused. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Down only 0.5%. Chart 1. Baltic Dry Index
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 […]
As I wrote in Dry Bulk Weekly it appears that Chinese removal of steel export tax rebates is a complete game changer for the industry. The slowdown in Chinese iron ore imports is easing port congestion which tied approximately 20% of the world fleet a few weeks ago. The port congestion has since then eased by […]
Again down… Chart 1. Baltic Dry Index
China trade balance was reported at USD 20.0 billion vs. USD 19.5 billion in May. Export and import growth were running at 43.9 and 34.1 percent. The imports are slowing down, I would say that will mean lower exports further down the road. The accumulated surplus is now at USD 55.8 billion vs. USD 97.4 billion for […]
Again down… Longest loosing streak in nine years. Chart 1. Baltic Dry Index
Baltic dry index fell 16.6% last week; The hardest hit were Panamaxes with 20.6% loss; Capesizes lost 20.0% ; Handysizes and Supramaxes lost 10.3% and 8.9%. Chinese tax rebates on hot-rolled coil and some cold-rolled coil and galvanized products will be removed starting July 15. This makes Chinese steel exports uncompetitive and it is moving the markets. Chinese steel […]
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 Chart 2. Baltic Tanker Indexes
Again down… Brake-even for shipowners is around 2.200, so most of of the shipping companies are losing money at this levels. Chart 1. Baltic Dry Index
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 […]