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WTI is trading around $52.25/barrel and Brent is trading around $58.34/barrel. Both the crude prices are up by 1.2% and 0.8% respectively.
- According to latest report from EIA, Crude producing active rigs has now fallen below 800, currently at 760. Active rig count has now fallen to levels last seen in 2011. Total active rigs as fallen to 988 including natural gas that is at level not seen since 2009.
- Saudi Arabia's strategy to boost demand with lower oil prices is showing signs of traction. Gasoline demand is expected to go up in US. Latest trade statistics show that, China's import of Crude has gone up by more than 20% in March from a year ago. Demand has recently been showing signs of early revival for some grades of crude, especially light sweet grades from Asia.
- World scale rates for VLCC (very large crude carriers) has gone up, now stands highest in at least two months. According to Platts' database, rates usually slides during this time usually due to refinery shut down. These rising rates are precursor for rising demand, however partial rise has been due to bad weather. According to rise in demand has finally been giving ship owners' upper hand in pricing, after years of lack luster performance.
Demand has been going up steadily, however that at this stage may not be sufficient enough to keep prices buoyant as supply still remains at large. These developments will add to higher volatility.
Since the demand has been lower price driven, it remains unclear how much it will get translated to higher prices.
