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Crude oil contango and offshore storage
The contango already led traders to stretch the available storage space for crude oil and products in Europe—despite a 30% capacity increase over the past five years.
According to the EIA data, for the week ending January 16, 2015, US crude oil imports averaged 6.8 million barrels per day, or MMbbls/d.
Products supplied indicates the consumption of petroleum products. It measures the disappearance of these products from its primary sources.
Canada is the top oil exporter to the US. Shipments of energy products—including bitumen from Alberta’s oil sands—are the largest part of Canada’s exports.
For December, China imported 30.37 million tonnes of crude oil. For full-year 2014, crude imports reached 308.38 million tonnes or 6.17 MMbbls/d.
China’s automobile sales have a significant impact on the shipping industry. China’s auto sales drive the oil demand. It’s an important part of the industry.
In 2014, oil prices recorded a dip of 46.8%. Oil prices closed the year at $57.33. On a year-to-date, or YTD, basis, oil prices recorded a fall of 12.1%.
Analysts and money managers follow the Baltic Dirty Tanker Index in order to assess the crude oil shipping industry’s revenue and earnings potential.
In this series, we’ll analyze the factors that drive the crude tanker industry. The factors affect the tanker companies’ performance.
In December, China’s power consumption was 511.7 billion kilowatt hours, or kWh. This was an increase of 10.5% from the levels in November.
For 2014, Brazil’s iron ore exports increased 4.4% from the previous year. Iron ore exports reached the highest volume since at least April 2005.
In December 2014, iron ore shipments from Australia’s Port Hedland increased by 7.8% to 29.9 million tonnes of goods—from November’s levels.
For 2014, the total coal imports were 291.22 million tonnes—compared to 327.1 million tonnes in 2013. This was after many years of double-digit growth.
China is the world’s top iron ore and coal consumer. It imports almost 60% of the world’s seaborne iron ore. In 2014, it imported 932.5 million tonnes of iron ore.
The National Bureau of Statistics revealed that the December crude steel output in China increased 7.6% to 68.09 million tonnes. Steel output was up 1.5% YoY.
In December, the dry bulk orderbook declined to 171.3 million deadweight tonnage, or DWT—from 173.7 million DWT recorded in November 2014.
China’s real estate sector accounts for almost 20% of the gross domestic product, or GDP. It plays a major role in the country’s economic activity.
In December, the vessel values for five-year and ten-year Capesize vessels dropped to $39.5 million and $27.8 million, respectively.
On a weekly basis, vessel prices indicate the current trading prices of Capesize, Panamax, Supramax, and Handymax vessels. They also indicate the weekly changes.
The National Bureau of Statistics revealed that China’s official PMI (purchasing managers’ index) decreased more to 50.1 in December—from 50.3 in November.