Global Macro Perspectives
Baltic Dirty Tanker Index rose 3.5%; Baltic Clean Tanker Index rose 0.6%. Again, soft markets, supply eased a little bit, but still high. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks rose 0.4 million barrels for week ending July 16; Gasoline stocks rose 1.1 million barrels; Distillate stocks increased 3.9 million barrels; Propane/propylene stocks rose 0.9 million barrels; Total crude oil and petroleum stocks were 5.1 million barrels higher than the week before. Refinery utilization rose from 90.5% to 91.5%. Highest since August 2007. Implied […]
Baltic Dirty Tanker Index rose 4.5%; Baltic Clean Tanker Index rose 3.0%. Demand supply balance improved a bit (the number of available vessels fell), but nothing major here. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks fell 5.1 million barrels for week ending July 9; Gasoline stocks rose 1.6 million barrels; Distillate stocks increased 2.9 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 3.2 million barrels higher than the week before. Refinery utilization rose from 89.8% to 90.5%. Highest since January […]
Baltic Dirty Tanker Index fell 4.2%; Baltic Clean Tanker Index rose 0.5%. In short, the supply of vessels overwhelms cargoes needed to be transported for at least following month. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks fell 5.0 million barrels for week ending July 2; Gasoline stocks rose 1.3 million barrels; Distillate stocks increased 0.3 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 0.4 million barrels higher than the week before. Refinery utilization rose from 88.4% to 89.8%. Highest since January […]
Baltic Dirty Tanker Index fell 9.4%; Baltic Clean Tanker Index rose 8.0%. Dirty rates falling on abundant supply (multiple ships competing for a single cargo), clean rates rebounding on increased hauling of petrochemical cargoes. The drop in demand for crude oil is another factor confirming economic slowdown. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Almost unchanged from June. Equities Only extremely favorable economic data could change the negative trend established. This is highly unlikely. So I would say we will soon see S&P 500 at 875. On a macro level, the stimulus is wearing off, politicians and central bankers are not ready to continue with loose fiscal an monetary policies, just the opposite, austerity is the game. […]
Crude oil stocks fell 2.0 million barrels for week ending June 25; Gasoline stocks rose 0.5 million barrels; Distillate stocks increased 2.5 million barrels; Propane/propylene stocks rose 1.6 million barrels; Total crude oil and petroleum stocks were 3.6 million barrels higher than the week before. Refinery utilization fell from 89.4% to 88.4%. Implied crude oil […]
Baltic Dirty Tanker Index fell 0.9%; Baltic Clean Tanker Index rose 9.3%. June cargoes are well covered with available vessels, it is hard to expect any meaningful rebound since supply of available vessels is abundant. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks rose 2.0 million barrels for week ending June 18; Gasoline stocks fell 0.8 million barrels; Distillate stocks increased 0.3 million barrels; Propane/propylene stocks rose 1.1 million barrels; Total crude oil and petroleum stocks were 2.7 million barrels higher than the week before. Refinery utilization rose from 87.9% to 89.4%. Crude oil and […]
Baltic Dirty Tanker Index rose 1.4%; Baltic Clean Tanker Index rose 5.9%. Steady supply of vessel keeps rates low, and the market action is slow. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks rose 1.7 million barrels for week ending June 11; Gasoline stocks fell 0.6 million barrels; Distillate stocks increased 1.8 million barrels; Propane/propylene stocks rose 2.2 million barrels; Total crude oil and petroleum stocks were 4.4 million barrels higher than the week before. Refinery utilization fell from 89.1% to 87.9%. Implied demand fell […]
Baltic Dirty Tanker Index rose 1.0%; Baltic Clean Tanker Index rose 1.6%. U.S. gulf / Europe arbitrage showing some signs of life; but overall the demand for wet transport is weak. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Crude oil stocks fell 1.8 million barrels for week ending June 4; Gasoline stocks remained flat; Distillate stocks increased 1.8 million barrels; Propane/propylene stocks rose 1.2 million barrels; Total crude oil and petroleum stocks were 0.4 million barrels lower than the week before. Refinery utilization rose from 87.5% to 89.1%. Implied demand flat. Crude oil […]