Tanker Weekly – May 9, 2011
Baltic Dirty Tanker Index fell 4.0%; Baltic Clean Tanker Index fell 2.9%.
Oversupply of vessels is so high that at even increased supply of cargoes rates are sinking.
Posts Tagged ‘Crude Oil’
Rig Count Monthly – May 9, 2011
Number of crude oil drilling rigs in the U.S. rose for 48 in April ; Number of natural gas drilling rigs rose for 13.
On world scale number of oil & gas drilling rigs fell for 341 in April. This is because of a seasonal fall of drilling activity in Canada.
Crude Oil Slide Continues…
Down more than 4%….
U.S. Petroleum Weekly – May 5, 2011
Again the price of oil is not determined by the fundamentals but the last couple day’s new hit scare – deflation.
Monthly Strategy – May 2011
Mostly unchanged from April…
Rig Count Weekly – May 1, 2011
Number of crude oil drilling rigs rose for 13; Number of natural gas drilling rigs rose for 4.
Tanker Weekly – May 1, 2011
Baltic Dirty Tanker Index fell 1.2%; Baltic Clean Tanker Index rose 0.6%.
We could see a slight bounce in Q2 as refinery maintenance season ends.
U.S. Petroleum Weekly – April 21, 2011
Goldman will certainly have a good explanation how in a depressed demand environment stockpiles are falling in a oversupplied market.
Rig Count Weekly – April 16, 2011
Number of crude oil drilling rigs fell for 6; Number of natural gas drilling rigs rose for 8.
Tanker Weekly – April 16, 2011
Baltic Dirty Tanker Index fell 4.5%; Baltic Clean Tanker Index rose 1.8%.
U.S. Petroleum Weekly – April 14, 2011
Goldman doesn’t like markets taking their research lightly, so it issued sell recommendations twice.
Same as it issued sell recommendation ahead 2008 crude oil record run.
Look at the gasoline stocks.
Rig Count Weekly – April 11, 2011
Number of crude oil drilling rigs rose for 9; Number of natural gas drilling rigs fell for 14.
On world scale number of oil & gas drilling rigs fell for 92 in February.
Tanker Weekly – April 11, 2011
Baltic Dirty Tanker Index fell 5.5%; Baltic Clean Tanker Index was down 1.8%.
Back to the same old story…oversupply…
U.S. Petroleum Weekly – April 7, 2011
Main development since latest weekly is realization that light sweet Libyan crude can’t really be substituted by Saudi Arabia and market is in short supply.
Additional to Libyan war, we have unrest in Yemen, strikes in Gabon and postponed elections in Nigeria. Combined these three countries produce 2.8 million bbl of light sweet crude per day.
Absent of a stock market crash, crude oil is bound only up.
Monthly Strategy – April 2011
I have lost flair in making predictions. I even started to think that correct forecasting is impossible. Maybe it is better to look at forecasting only as to the extent “what if” exercise. That’s why this is the first strategy post this year.
I have to come to conclusion that the only relevant judgement on is made by market and this is the key in being a successful in this line of business. What is fair, what is right or what is logical are completely irrelevant questions in speculating. Fundamentals are most of the time only a peripheral factors affecting the prices; in fact fundamentals are major factor only in times of great excesses.
Now, lets get back to writing down my current mind setup.