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’What price Saudi Arabia’s new special ‘blend’?
Answer: We just don’t know.
But it’s all very intriguing nonetheless.
FT Alphaville has reported at length (here, here and here for example) how the Libya crisis has resulted in a large deficit of light sweet crude in the European market place,
Shipping tides are turning — for now
We were waiting to see if it was a one-day phenomenon, but no – Wednesday’s 15 per cent rise in the Baltic Dry Index has been sustained through another day.
Wednesday’s move to 1,316 points was in fact the biggest daily increase in almost 25 years and came reportedly on signs of a recovery in raw materials trade. On Thursday the index,
Is the East heading into the red?
Following on from the sharp contraction in Chinese exports and imports reported on Tuesday, some other worrisome indicators are emerging from the region.
As RBC Capital Markets highlights in its morning note,
Are things really that bad in China?
When petrochemical prices fell to multi-year lows in November 2008 it was deemed a key indicator of deteriorating demand for Asian exports.
As the FT put it (our emphasis):
The drop in petrochemicals prices goes well beyond the fall in oil prices,