BHP iron ore strikes, OPEC meeting coming and positive sentiment?

[00:00:00] This week, how Pay has got his eyes on BHP strikes and he's here to tell you why.

[00:00:05] The People's Broker will be focusing on the OPEC meeting set to take place this Sunday.

[00:00:09] Meanwhile, the dry freight markets are still buzzing for positive sentiment.

[00:00:13] All this and more on Freight Up.

[00:00:15] Freight Up!

[00:00:16] Hello and welcome to Freight Up.

[00:00:21] My name is Renanda and I'll be your Yeah, we saw a really sharp slump on Thursday. I ended up settling well over $4 lower on the day. Oh my exciting. Yeah, it's on Sunday. I think the general consensus was that they were going to extend the ongoing production cuts. Obviously Saudi and Russia have been cutting out each month since summer.

[00:03:02] Yeah, for aggressively.

[00:03:03] Yeah, exactly.

[00:03:04] Yeah, the general consensus was that these cuts are then going to be extended well into

[00:03:08] 2024. The crude build that was released last week, that was of 3.6 million barrels. Fair sum. And actually the API weekly data that came out yesterday showed a build of over 9 million crude barrels. However, market was pretty unaffected by that. Yeah. I think people look more to the EIA data.

[00:04:20] So you've got two lots of data that come out.

[00:04:21] You've got the API, American front months, the front cracks, the front 3.5 crack is I mean, that was trading almost $18 per barrel last week, which is very high.

[00:05:44] Same with the front 3.5 spreads, because the crew was so low, they was expecting to see some lower fuel prices, but because the crack was so high, that was offering a lot of support to the flat price marine fuel oil. So yeah, it really did kind of counterbalance that crude tumble. Even though the very low self of crack and the front spread is still really strong,

[00:07:01] they've been coming off,

[00:07:03] the crack's like $2 lower,

[00:07:05] trading around $15 per barrel now, But this week, you know, they've been like, look, we'll take a step back. Low selfless stuff, you can have your time to shine. We've seen what Creed's doing, we're gonna just sit back. So yeah, it's been pretty, it's been pretty stable. East-West has found some stability. The high self-reuse West, the barge crack has found some stability. The high selfless spreads, especially in the Sing, little bit stronger in the front months, but nothing to really comment on.

[00:08:21] Nothing drastic.

[00:08:21] No, nothing drastic.

[00:08:22] Certainly not like the $30 premium that we were seeing

[00:08:25] in the deck Janssen 0.5.

[00:08:27] That was obviously very favorable market, it looks like we are still riding very high on the positive sentiment from last week, which resulted in gains across various vessel sizes. Most notably, the Panamax experienced substantial increases driven by strong coal demand from Asian buyers and a rise in demand for mineral cargoes, bringing the week to a very positive close. Cape sizes have continued

[00:09:41] to strengthen since the middle of last week, the market saw a prompt opening much firmer with November and December trading up to $19,900 and $16,950 respectively, while the Cal241 traded up to 10,200 and Cal24 up from 11,200 to 11,100 respectively. Now this week on the FFA market marked one of the most active weeks for FFA's as total trading volume surged to a record of 103,202 lots on the exchanges.

[00:13:42] By vessel size, capes and Panama's futures

[00:13:45] traded average approximately 6,150 lots Here's how. All right, how, before we get into any of the iron ore gossip for today, you are probably struggling with bright lights, loud sounds, and that's because you just attended the annual FIS Shanghai seminar. How was it?

[00:15:00] Yeah, I'm still sleepy right now after like 10 hours

[00:15:03] from the mornings.

[00:15:04] Well, it's amazing. like the foods, like the music performance, like a lot of performance during the, you know, cross the dinner and a lot of discussions because we're having guests from six different areas. So all industries backgrounds coming together. The interesting thing is, you know,

[00:16:20] one of the brokers gets to clients here in the R&R fields.

[00:16:24] They would like to know someone from the FFA

[00:16:26] and some of them to, you know, discuss the same thing like over two weeks and old story, but that's what happens on the market. Like people like to, you know, bring up something,

[00:17:40] rewrite a story and post it to media. But before, so it's a big number of drivers,

[00:19:00] but before and after the news we saw first news of notice like two weeks ago.

[00:20:04] I think that's trying to avoid significant disruption of iron doors.

[00:20:08] That's combined a lot of articles and official media from BSP. That's what is said. So a disruption, no, but slow down either iron or delivery.

[00:20:14] That's maybe that's not what happened. It's not happening.

[00:20:18] It's probably not going to happen easier in the next few weeks,

[00:20:21] but it's maybe some point in the future. But, and the third of all,

[00:20:25] the discussion on the working strikes and the risk dog in a Benz say if there is any of the slowdown shortage have to buy the physical side ahead of time. But what if not or what if not what if this news is not around the market for

[00:21:41] the next two weeks what happened then it will impact the market as a clear shortage on the shipment since

[00:23:02] BSP is one of the biggest miners of the world and it's bonus. It's like a lot of rumors coming out from Bloomberg and Roy here is coming out like this week. But I think there will be more detailed versions of storage in the next few weeks. So we need to be aware on that. I think it's not worth noting too

[00:24:20] much on the interest rate right now because looks like every

[00:24:25] major country is just going to follow a stable trend on the