OPEC members Iraq and Kazakhstan are set to make significant compensation cuts in oil production, with Iraq planning to cut 602,000 barrels per day and Kazakhstan 389,000 barrels per day. The Baltic Dry Index and Capesize index have shown positive trends, with bulk equities also performing well. Tanker FFAs have seen increases, with VLCC, Suezmax, and Aframax all up, along with MR TC2 and MR TC14. The market expects OPEC+ to extend production cuts beyond June, with reports suggesting a further three-month extension.
EIA Expects Some OPEC+ Producers To Continue To Limit Oil Output After Current Voluntary OPEC+ Cuts Expire At End-June
US EIA EXPECTS SOME OPEC+ PRODUCERS TO CONTINUE TO LIMIT OIL OUTPUT AFTER THE CURRENT VOLUNTARY OPEC+ CUTS THAT EXPIRE AT THE END OF JUNE.
US EIA EXPECTS SOME OPEC+ PRODUCERS TO CONTINUE TO LIMIT OIL OUTPUT AFTER CURRENT VOLUNTARY OPEC+ CUTS EXPIRE AT END OF JUNE
Baltic Dry Index: 2083 (+207) Capesize index: 26,864 (+4698) Panamax (P5) index: 17,545 (+593) Supramax index: 16,074 (+40) FFAs continue to jump big. Bulk equities green pre market. $NMM $SBLK $BDRY $HSHP $GRIN $GOGL $GNK $PANL $SB $SHIP
- FBX: 2907 (+44) Up 1.5%, after a very strong Thursday and Friday . $MAERSK +3%. $ZIM +1% pre market
Very Strong dry bulk morning with Capesize jumping: Capesize index: 26,864 (+4698) FFAs very strong across the board. May Capes +3000, June +1500. π₯ $NMM $SBLK $BDRY $HSHP $GRIN $GOGL $GNK $PANL $SB $SHIP
$SCHW hitting the 52 week high list. Inching stop once again today.
OPEC+ Likely To Extend Production Cuts In June - Reuters
Lots of reports that OPEC+ will likely extend their cuts 3 more months. Not great for dirty tankers of course, but the Red Sea disruptions continuing are a bigger driver. $FRO $NAT $EURN $TNP $TRMD $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI https://t.co/ifDmRU3YwM
Containers having a good day. - $CMRE new 52 week high - $GSL new 52 week high - $ZIM +6.5% $DAC close to its 52 week high. https://t.co/G72o0pPiaF
Opening tanker look: Green, up around 0.5%. Product tankers a bit better than dirty. $FRO $NAT $EURN $TNP $TRMD $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI https://t.co/utxXMFMRg6
No Baltic indexes today due to the Holiday (No BDI, BDTI, BCTI, etc) Bulk FFAs quiet and basically flat. Capesize index ended last week up 4500 after losing 5500 the prior week. $NMM $SBLK $BDRY $HSHP $GRIN $GOGL $GNK $PANL $SB $SHIP https://t.co/toaQzY2WQ7
OPEC+ Likely To Extend Production Cuts In June https://t.co/L9Sprc1rVv
Rumors starting that OPEC+ could extend cuts beyond June, according to three sources from countries which have already made voluntary supply cuts (LSEG) #OOTT $UCO $USO $BNO https://t.co/U8WeW9taFV
Rumors starting that OPEC+ could extend cuts beyond June, according to three sources from countries which already already made voluntary supply cuts (LSEG) #OOTT $UCO $USO $BNO https://t.co/WSqIpol4tU
OPECβΊ likey to extend production cuts in June: https://t.co/iOQpsP2BT4 https://t.co/7vMYoEea4j
Iraq and Kazakhstanβs overproduction compensation plan thatβs been submitted to the OPEC secretariat #OOTT #Opec https://t.co/I3lSjh3Y4e
After a slow morning, tankers have turned green in mid-day trading. Congrats to $INSW for another new 52 week high π₯³. Check out our tanker picks and research at: https://t.co/oBE09i5WTI $FRO $NAT $EURN $TNP $TRMD $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI https://t.co/tTuQFHHLlu
Congrats to $INSW with a new 52 week high, out performing most of its tanker peers today! https://t.co/YMVvAcvfrq
OPEC+ likely to extend production cuts in June
#Opec+ member Kazakhstan has submitted plans to compensate for exceeding its crude output in the first four months of 2024 Cuts have been designed to coincide with scheduled maintenance at the country's key oil fields of Kashagan and Tengiz #OOTT https://t.co/tewCpZD9yV
Shipping Scorecard today with all 5 major Baltic indices up! A RARE occasion: β BDI UP! β BDTI UP! β BCTI UP! β BLPG UP! β FBX UP! β BROAD MARKETS UP! π« Shipping Equities π΄π΄π΄
Tanker Index 5/3: - BCTI: 931 (+5) - BDTI: 1122 (+9) Equities very mellow today. Not doing much. $FRO $NAT $EURN $TNP $TRMD $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI https://t.co/wCsfhn8PnM
#OPEC+: Overproduction Compensation Plan for #Iraq and #Kazakhstan #oott https://t.co/Xx0Zpm665H
#OOTT | Iraq To Make Compensation Cuts Of 602k Bpd This Year - #OPEC - Kazakhstan To Make Compensation Cuts Of 389k Bpd https://t.co/kq42pbR0kV https://t.co/QS1Pdx33xX
IRAQ TO MAKE COMPENSATION CUTS OF 602,000 B/D THIS YEAR - OPEC.
IRAQ AND KAZAKHSTAN OUTLINE OPEC+ COMPENSATION CUTS - STATEMENT IRAQ TO MAKE COMPENSATION CUTS OF 602,000 B/D THIS YEAR - OPEC KAZAKHSTAN TO MAKE COMPENSATION CUTS OF 389,000 B/D - OPEC
KAZAKHSTAN TO MAKE COMPENSATION CUTS OF 389,000 B/D - OPEC.
IRAQ AND KAZAKHSTAN OUTLINE OPEC+ COMPENSATION CUTS - STATEMENT.
#OPEC holds constructive workshop between #Iraq, #Kazakhstan and secondary sources on compensation plans #oott https://t.co/9e0XR07oTg
Baltic Dry Index: 1876 (+102) Capesize index: 22,166 (+2496) Panamax (P5) index: 16,952 (+186) Supramax index: 16,034 (-96) Bulk equities slightly green pre market. $NMM $SBLK $BDRY $HSHP $GRIN $GOGL $GNK $PANL $SB $SHIP
Tanker FFAs, up across the board: - VLCC +2% - Suezmax +1% - Aframax +3-5% - LR1 +1% - MR TC2 +3-6% - MR TC14 +1-2% Tankers mildly green pre market after a strong Thursday. $FRO $NAT $EURN $TNP $TRMD $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI
Capesize rates rebound for the 2nd day in a row: Capesize index: 22,166 (+2496) FFAs flat to slightly green. $NMM $SBLK $BDRY $HSHP $GOGL $GNK $PANL $SB $SHIP