Global Macro Perspectives
Baltic dry index rose 11.3% last week on the back of 21.6% Capesize Index gain. Panamax, Supramax and Handysize Index recorded minor gains. Capsize rate rose 20% in a single day. Two things could have played a role here: securing a contract ahead of Labor day holidays in China and/or limited capesize vessel availability due […]
Baltic Dirty Tanker Index rose 2.1%; Baltic Clean Tanker Index increased 2.5%. The oversupply of shipping capacity is evident (especially in the product segment), despite increased crude oil volume transported. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Working gas in storage rose 83 Bcf from previous week. The pain is not coming to its end. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average Chart 3. Natural Gas Futures Curve
Crude oil stocks rose 2 million barrels for week ending 23 April; Gasoline stocks fell 1.2 million barrels; Distillate stocks rose 2.9 million barrels; Propane/propylene stocks increased 3.6 million barrels; Other oils stocks rose 1.1 million barrels; Total crude oil and petroleum stocks were 12.9 million barrels higher than the week before. Refinery utilization rose […]
The total number of drilling rigs operating in North America fell for 9 rigs. Number of natural gas drilling rigs fell for 17 rigs; number of crude oil rigs rose for 8 rigs. The natural gas price rebounded a bit on the decrease of natural gas drilling rigs number. Chart 1. Baker Hughes U.S. Rig […]
Baltic dry index rose 0.1% last week. Capesize Index gains were offset by Panamax Index losses. Supramax and Handysize Index almost unchanged. Not much happening here also…Chinese buyers cutting back on iron ore import volumes thereby hurting capesize rates; Iron ore producers holding prices high. Chart 1. Baltic Dry Indexes Relative Performance Chart 2. Baltic […]
Working gas in storage rose 73 Bcf from previous week. With this report the storage broke out of 5 year range. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Crude oil stocks rose 1.9 million barrels for week ending 16 April; Gasoline stocks were up 3.6 million barrels; Distillate stocks rose 2.1 million barrels; Propane/propylene stocks increased 1.7 million barrels; Other oils stocks rose 0.9 million barrels; Total crude oil and petroleum stocks were 10.7 million barrels higher than the week before. Refinery utilization […]
Total of 15 new drilling were added to already operating North American rigs: 1 additional crude oil rigs and 14 additional natural gas rigs. The just keep on adding natural gas rigs, negative for the commodity price. On world scale: 115 new rigs were added during March, bulk of which in North America. Chart 1. […]
Baltic dry index rose 3.3% last week. All index components ended in positive territory. Supramax Index outperformed the Baltic Dry Index while Capesize, Panamax and Handysize Index underperformed. In the last weekly I wrote on new-building deliveries which reached all-time record in firs quarter. In the second hand market we had 157 dry bulk vessels […]
Baltic Dirty Tanker Index rose 1.8%; Baltic Clean Tanker Index decreased 1.8%. Similar as with crude oil markets the demand here is weak, but vessel owners are expecting firm May demand (firm is maybe an understatement). I’m skeptical. Concerning floating storage, recent reports say that 40 VLCC’s or 7.5% of world fleet is used to […]
Working gas in storage rose 87 Bcf from previous week. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Crude oil stocks fell 2.2 million barrels for week ending 9 April; Gasoline stocks decreased for 1.0 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks increased 1.1 million barrels; Other oils stocks rose 0.2 million barrels; Total crude oil and petroleum stocks were 0.3 million barrels lower than the week before. Refinery utilization […]
Contango in crude oil futures increased in the last few days, making the roll trade attractive again. This is a clear sign that there is excess supply over demand and that the demand and price expectations are high. Profitable roll trade will bring additional money to the markets making oil price harder to decline. Chart […]
Total of 11 new drilling were added to already operating ones: 3 additional crude oil rigs and 10 additional natural gas rigs. 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