Global Macro Perspectives
(For The Week Ending September 3, 2010) Crude oil stocks fell 1.9 million barrels for the week ending September 3, 2010; Gasoline stocks decreased 0.2 million barrels; Distillate stocks fell 0.4 million barrels; Propane/propylene stocks rose 1.6 million barrels; Other oils stocks were up 1.5 million barrels; Total crude oil and petroleum stocks were 0.2 […]
Baltic Dirty Tanker Index fell 3.0%; Baltic Clean Tanker Index fell 2.2%. Supply is overwhelming demand; rates are approximately at ship operating costs; vessel owners are slowing down vessel speed to reduce supply. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Equities Economic data released in recent month or so is on a absolute and relative basis weak. The difference from July is that the consensus has moved downwards, so the markets focuses on comparing actual data with consensus and disregarding absolute levels. But we are here to earn some money, not waste our time on […]
(For The Week Ending August 27) Crude oil stocks rose 3.4 million barrels for the week ending August 27; Gasoline stocks decreased 0.2 million barrels; Distillate stocks fell 0.7 million barrels; Propane/propylene stocks rose 1.5 million barrels; Other oils stocks were up 2.3 million barrels; Total crude oil and petroleum stocks were 4.0 million barrels […]
Baltic Dirty Tanker Index fell 5.5%; Baltic Clean Tanker Index fell 0.4%. Supply is overwhelming demand, rates are approximately at ship operating costs, I don’t think further comment is needed. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
(For The Week Ending August 20, 2010) Crude oil stocks rose 4.1 million barrels for week ending August 20; Gasoline stocks increased 2.3 million barrels; Distillate stocks rose 1.8 million barrels; Propane/propylene stocks were 1.1 million barrels higher; Other oils stocks were up 2.2 million barrels; Total crude oil and petroleum stocks were 8.9 million […]
Baltic Dirty Tanker Index fell 6.6%; Baltic Clean Tanker Index fell 2.8%. We have crude oil production returning to pre-crisis levels (2 million barrels per day shy), but the rates are really pathetic. They have built too many ships, same will happen with dry bulk. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks fell 0.8 million barrels for week ending August 13; Gasoline stocks remained unchanged; Distillate stocks increased 1.1 million barrels; Propane/propylene stocks rose 2.4 million barrels; Other oils stocks were up 2.3 million barrels; Total crude oil and petroleum stocks were 5.3 million barrels higher than the week before. Refinery utilization rose 1.9% […]
Baltic Dirty Tanker Index rose 4.7%; Baltic Clean Tanker Index fell 6.7%. Again clean/dirty rates moving in opposite directions. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks fell 3.0 million barrels for week ending August 6; Gasoline stocks rose 0.4 million barrels; Distillate stocks increased 3.5 million barrels; Propane/propylene stocks rose 2.3 million barrels; Other oils stocks fell 2.4 million barrels; Total crude oil and petroleum stocks were 0.1 million barrels higher than the week before. Refinery utilization fell […]
Baltic Dirty Tanker Index fell 2.1%; Baltic Clean Tanker Index fell 4.5%. Arabian Gulf tonnage supply at 8 year high. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks fell 2.8 million barrels for week ending July 30; Gasoline stocks rose 0.7 million barrels; Distillate stocks increased 2.2 million barrels; Propane/propylene stocks rose 2.1 million barrels; Other oils stocks rose 3.8 million barrels; Total crude oil and petroleum stocks were 61 million barrels higher than the week before. Refinery utilization rose […]
Equities Economic data released in recent month or so is dominated by bellow consensus readings and on absolute level pointing to only marginal and slowing growth. Consumer demand proxies point to deceasing level of consumer demand. Unemployment is high and it is not falling. The government stimulus is wearing off. But the market is rising despite all of that […]
Baltic Dirty Tanker Index fell 7.5%; Baltic Clean Tanker Index fell 5.5%. Nothing new here…supply overweighting demand. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks rose 7.3 million barrels for week ending July 16; Gasoline stocks remained unchanged; Distillate stocks increased 0.9 million barrels; Propane/propylene stocks rose 0.5 million barrels; Total crude oil and petroleum stocks were 9.0 million barrels higher than the week before. Refinery utilization fell from 91.5% to 90.6%. Implied crude oil demand was […]