As August winds down, global markets gave us another week of shy half-gestures and newlywed hesitant moves, says cash buyer GMS, all while confidently pretending they were marching somewhere important.“Oil traders kept
As August winds down, global markets gave us another week of shy half-gestures and newlywed hesitant moves, says cash buyer GMS, all while confidently pretending they were marching somewhere important.
“Oil traders kept one eye on inventories, the other on geopolitics, and both cockeyed on the clock as WTI closed at USD 64/barrel with Brent just above USD 68—moves so small they looked like rounding errors. Yet the steady draw of about 3 million barrels from U.S. reserves keeps feeding the illusion of momentum heading into September as U.S. oil prices continue to fall, exceeding expectations.”
The Baltic Dry Index also added its own stage drama, closing at 2,025, the best in a month, but the split beneath the headline was far more telling, says GMS: Panamaxes up 3.1%, Supramaxes at highs not seen since May 2024, and lumbering Capesizes stumbled on their own wakes thanks to weak iron ore demand.
“The smaller, nimbler classes seem to be carrying the mood all while the giants’ sulk - a sulk that has been slowly charting their return to the recycling beaches of late, week after week.”
Tonnage supply this past week has slowed, with fewer arrivals across the Indian sub-continent ship
Content Original Link:
" target="_blank">
