Global Macro Perspectives
Baltic Dirty Tanker Index rose 16.0% last week while Baltic Clean Tanker Index fell 4.6%. Strong demand for crude transportation, weak for products. Interesting, on shore storage near record levels, a lot of oil traveling on tankers, contango easing (lower roll yield for oil stored on sea). I would say we are heading towards short […]
Working gas in storage fell ONLY 11 Bcf from the previous week. We probably see a new post Lehman low for the natural gas this spring or summer. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil stocks rose 1 million barrels for week ending 12 March; Gasoline stocks fell for 1.7 million barrels; Distillate stocks decreased 1.5 million barrels; Propane/propylene stocks fell o.2 million barrels; Other oils stocks rose 1 million barrels; Total crude oil and petroleum stocks fell 2.4 million barrels. Refinery utilization fell from 80.7% to 80.6%. […]
Baltic Dirty Tanker Index rose 5.2% last week while Baltic Clean Tanker Index rose o.3%. Demand picked up slightly, pushing the prices and demand slightly. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Baltic dry index rose 8.1% in the last week. Capesize, Supramax and Handysize Index outperformed the BDI, Panamax Index underperformed. Rumors in the iron ore market continue; worlds largest iron ore producer Vale even thinking on abandoning yearly price fixing and selling iron ore on spot market. There is a great disparity between iron ore […]
Chinese Prime Minister Mr. Wen Jiabao delivered a pretty straight forward answer on the U.S. led calls for a yuan appreciation. China official stance is: Yuan is not undervalued; the calls for a Yuan appreciation are clear protectionist acts – they plan to support China export led growth; China is concerned about its U.S. dollar […]
Working gas in storage fell 111 Bcf from the previous week. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil stocks rose 1.4 million barrels for week ending 5 March; Gasoline stocks fell for 3 million barrels; Distillate stocks decreased 2.2 million barrels; Propane/propylene stocks fell 1.5 million barrels; Other oils were flat; Total crude oil and petroleum stocks fell 5.3 million barrels. Refinery utilization fell from 81.9% to 80.7%. Crude oil and […]
The dream of every gold bull got shattered today by Yi Gang, head of the China State Administration of Foreign Exchange (SAFE): It is, in fact, impossible for gold to become a major investment channel for China’s foreign exchange reserves. I have 1,000 tonnes now, and even if I doubled that holding, according to current […]
Baltic dry index rose 18.4% in the last week. Rocket propelled lift-off. Capesize and Panamax Index outperformed the BDI, Supramax and Handysize Index underperformed. The Chinese buyers returned to the iron ore in a big way. Mayor factor here are iron ore price increase agreed in the annual price talks, the rumors range from 30% […]
Baltic Dirty Tanker Index fell 2.1% last week while Baltic Clean Tanker Index rose 2.2%. Fixing activity stronger than the week before, but the indexes did not change substantially. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Working gas in storage fell 116 Bcf from the previous week. It is almost certain now that the stockpiles are not depleted enough to balance the market this year. Apparently we will have another difficult year for natural gas price. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year […]
Crude oil stocks rose 4.0 million barrels for week ending 26 February; Gasoline stocks increased for 0.8 million barrels; Distillate stocks fell 0.8 million barrels; Propane/propylene stocks decreased 0.5 million barrels; Other oils fell 2.9 million barrels; Total crude oil and petroleum stocks fell 0.4 million barrels. Refinery utilization rose from 81.2% to 81.9%. Crude […]
Baltic Dirty Tanker Index fell 0.2% last week while Baltic Clean Tanker Index fell 0.5%. Nothing special happening. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Baltic dry index rose 0.9% in the last week. Capesize Index underperformed the BDI, Panamax Index, Supramax and Handysize Index outperformed. Nothing major on the news front. Improved activity in the Capesize, but the rates fell (probably because of falling iron ore/ final product price differential). Strong rates in smaller ship segments. Chart 1. Baltic […]