Why oil is going to zero

Via Bloomie: American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., sent a letter this week asking its suppliers to


Iron ore is going to tumble too

Iron ore prices for March 18, 2020: Dalian was boosted yesterday by this: Brazilian iron ore producer Vale has shut its Teluk Rubiah iron ore blending terminal in Malaysia until 31 March to comply with a lockdown aimed at slowing the coronavirus outbreak. The Malaysian government has asked Vale to halt operations at the terminal


Daily iron ore price update (yawn)

Iron ore prices for March 9, 2020: Spot down. Paper too. But it’s the calm that impresses. Port stocks eased agin last week to 126.25mt. China is relatively short of iron inventory after last year’s Vale-inspired draw down. That said, I still don’t get why steel prices aren’t crashing amid the glut. Still lot’s of


Trade surplus holds on booming iron ore exports

The Australian Bureau of Statistics (ABS) today released trade data for the month of January, with Australia’s trade surplus falling by around $150 million to $5.2 billion: The next chart shows that Australia’s trade surplus is still running at strong levels: In January, both exports (credits) and imports (debits) fell: In seasonally adjusted terms, goods