Global Macro Perspectives
Baltic dry index fell 0.1% last week; Capesize Index was up 3.6%; Panamax Index fell 9.9%; Supramax Index was down 1.2%; Handysize Index fell 1.2%.
Iron ore inventory at all time high, price unchanged. Steel inventory declining, price stable. Massive increase in coal stockpiles, price also stable.
Crude oil and distillates stocks recorded small declines. Supply/demand balance is tight.
Release of strategic reserve will have, in my view, relatively small effect on supply/demand balance, so the price weakness is probably short-term.
U.S. railroads originated 284,562 carloads, down 0.1% compared with the same week in 2010 and down 4.5% compared with 5-year average. Week over week change was -3.3%.
Baltic dry index fell 0.1% last week; Capesize Index was up 3.6%; Panamax Index fell 9.9%; Supramax Index was down 1.2%; Handysize Index fell 1.2%.
Large increase in coal stockpiles, no major changes in other categories.
Demand is strengthening, crude oil stocks declined, distillates mostly unchanged. Supply/demand balance is tight.
Release of strategic reserve will have, in my view, relatively small effect on supply/demand balance, so the price weakness is probably short-term.
Baltic dry index rose 0.1% last week; Capesize Index was up 8.2%; Panamax Index fell 7.8%; Supramax Index was up 0.2%; Handysize Index fell 1.8%.
Iron ore inventory high, price moved lower; Both steel inventory and price moved lower; In coal both price and inventory moved up. Historically speaking coal inventory is low.
U.S. railroads originated 294,310 carloads, up 3.3% compared with the same week in 2010 and down 1.6% compared with 5-year average. Week over week change was 1.4%.
Almost no growth compared with 2010.
Baltic Dirty Tanker Index rose 1.9%; Baltic Clean Tanker Index rose 7.6%.
Baltic dry index rose 0.4% last week; Capesize Index was up 5.1%; Panamax Index fell 0.7%; Supramax Index was down 2.2%; Handysize Index fell 2.0%.
No major changes in both price or inventory of iron ore, steel and coal.
Baltic dry index fell 4.8% last week; Capesize Index was down 10.5%; Panamax Index rose 7.6%; Supramax Index was down 6.1%; Handysize Index fell 2.1%.
Thermal coal stockpiles unchanged at extremely low levels; Steel stockpiles fell but stocks are high; Iron ore stockpiles at new record high. Prices still strong.
Baltic Dirty Tanker Index fell 4.1%; Baltic Clean Tanker Index fell 6.0%.
Working gas in storage rose 80 Bcf from previous week. The consensus was at 78 Bcf.
Storage level is 269 Bcf lower than same time year ago and bellow 5-year average.
This looks promising.
China trade balance was reported at USD 13.5 billion vs. USD 11.4 billion in April and USD 19.3 billion consensus. Export and import growth were running at 19.4 and 28.4 percent vs. 29.9 and 21.8 percent y-o-y in April.
Big miss, but we had large positive surprise in April.
Demand is strengthening, crude oil stocks declined, distillates increased. Supply/demand balance is tight.