Global Macro Perspectives
Baltic Dirty Tanker Index rose 1.8%; Baltic Clean Tanker Index decreased 1.8%. Similar as with crude oil markets the demand here is weak, but vessel owners are expecting firm May demand (firm is maybe an understatement). I’m skeptical. Concerning floating storage, recent reports say that 40 VLCC’s or 7.5% of world fleet is used to […]
Crude oil stocks fell 2.2 million barrels for week ending 9 April; Gasoline stocks decreased for 1.0 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks increased 1.1 million barrels; Other oils stocks rose 0.2 million barrels; Total crude oil and petroleum stocks were 0.3 million barrels lower than the week before. Refinery utilization […]
Contango in crude oil futures increased in the last few days, making the roll trade attractive again. This is a clear sign that there is excess supply over demand and that the demand and price expectations are high. Profitable roll trade will bring additional money to the markets making oil price harder to decline. Chart […]
Baltic Dirty Tanker Index fell 1.5% last week while Baltic Clean Tanker Index decreased 2.4%. Broker reports suggest increased number of cargoes was being loaded and increased number of inquiries. Despite that the rates are at historically low levels and the reported (alleged) increase in activity has not made any difference. The repercussions on crude […]
Crude oil stocks rose 2.0 million barrels for week ending 2 April; Gasoline stocks decreased for 2.5 million barrels; Distillate stocks rose 1.0 million barrels; Propane/propylene stocks increased 2.4 million barrels; Other oils stocks rose 0.9 million barrels; Total crude oil and petroleum stocks were 7.2 million barrels higher than the week before. Refinery utilization […]
Baltic Dirty Tanker Index fell 9.5% last week while Baltic Clean Tanker Index decreased 2.5%. Not much happening here, weak demand is a constraint that catches up with the markets every time the rates increase a bit. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Equities Although I’m convinced that the economy is not pulling a V-shaped almost everywhere except in China and in their commodity based economy satellites I believe that in the short term the equity gains will continue. I have a 1200 S&P 500 target. I have only a small exposure to the markets (via a June […]
Crude oil stocks rose 2.9 million barrels for week ending 26 March; Gasoline stocks increased for 0.3 million barrels; Distillate stocks fell 1.0 million barrels; Propane/propylene stocks rose 0.5 million barrels; Other oils stocks increased 0.1 million barrels; Total crude oil and petroleum stocks rose 3.2 million barrels. Refinery utilization rose from 81.1% to 82.6%. […]
Baltic Dirty Tanker Index fell 2.2% last week while Baltic Clean Tanker Index fell 3.2%. Product rates underperformed crude rates by a wide margin in recent couple months. It was due to collapse of Atlantic product arbitrage and decrease in petrochemical feedstock demand (unfavorable margins). Both possible indication of a weaker demand. Chart 1. Baltic […]
Crude oil stocks rose 7.2 million barrels for week ending 19 March; Gasoline stocks fell for 2.7 million barrels; Distillate stocks decreased 2.4 million barrels; Propane/propylene stocks were flat; Other oils stocks decreased 1.1 million barrels; Total crude oil and petroleum stocks increased 0.4 million barrels. Refinery utilization rose from 80.6% to 81.1%. Crude oil […]
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 […]
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
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 […]
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