Tanker Weekly – October 17, 2011
Baltic Dirty Tanker Index rose 6.3%; Baltic Clean Tanker Index fell -0.4%.
Global Macro Perspectives
Baltic Dirty Tanker Index rose 6.3%; Baltic Clean Tanker Index fell -0.4%.
The macro data will be the main factor driving the price of oil. The demand data was strong in the recent weeks, but came tepid in the last reading. The price has moved fast form deeply oversold into overbought, so the risks are to the downside.
Baltic Dirty Tanker Index rose 11.5%; Baltic Clean Tanker Index fell 2.2%.
Leading economic indicators are pointing to a recession. At the time being it looks like it could be a mild one, but taken into account all the unknowns (EMU future, China slowdown, bank balance-sheet question) it could easily develop into something more ominous.
Baltic Dirty Tanker Index rose 0.6%; Baltic Clean Tanker Index rose 4.9%.
Baltic Dirty Tanker Index rose 1.6%; Baltic Clean Tanker Index rose 3.7%.
Baltic Dirty Tanker Index rose 0.4%; Baltic Clean Tanker Index fell -1.7%.
On the supply side we had large crude oil draw in the last two weeks because hurricanes in the gulf. Demand anemic. I still believe that the macro data will be the main factor driving the price of oil. Overall I expect volatile trading with no clear trend.
It’s all about global macro picture now and that doesn’t look promising.
Both indexes were unchanged last week.
Baltic Dirty Tanker Index rose 0.6%; Baltic Clean Tanker Index was unchanged.
High volume of fixing, but supply more than enough to cover the demand.
With Libya returning to the market soon, further negative pressure possible.
Baltic Dirty Tanker Index fell 2.2%; Baltic Clean Tanker Index rose 0.3%.
Technically crude oil (WTI) looks heavily oversold. Massive fall in total crude oil and distillates inventory.
Number of crude oil drilling rigs in the U.S. rose for 24 in July; Number of natural gas drilling rigs rose for 6.
On world scale number of oil & gas drilling rigs rose for 140 in July.