Tanker Weekly – November 15, 2010

November 15th, 2010 by Belisarius

(For The Week Ending November 12, 2010)

Baltic Dirty Tanker Index rose 3.5%; Baltic Clean Tanker Index rose 3.2%.

Despite popular belief that China is driving crude oil demand the data for October shows that China imported just 16.4 million tons of crude oil. This is the lowest level since April 2009 and it is 30% bellow September imports. In the U.S., despite the recent draw stockpiles are still high and the demand probably will not change much.

I would say that crude oil price rise sparked some optimism in tanker demand; the market is still oversupplied and the gains will be hard to hold on to.

Chart 1. Baltic Tanker Indexes Relative Performance

Chart 2. Baltic Tanker Indexes


, ,

This entry was posted on Monday, November 15th, 2010 at 5:03 am and is filed under Commodities, Shipping, Tanker Weekly. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “Tanker Weekly – November 15, 2010”

  1. U.S. Petroleum Weekly – November 18, 2010 | Tainted Alpha Says:
    November 18th, 2010 at 9:02 am

    […] in cutting capacity and stocks;stockpiles overall still high; if China reduced imports and U.S. have reduced imports one wonders where excess crude oil is ends […]

 
Get Adobe Flash player