Investors have been piling into an exchange-traded fund (ETF) designed to track U.S. natural gas prices, in spite of the commodity’s dismal performance in 2023. The U.S. Natural Gas Fund’s (UNG) UNG.P price, tied to the performance of futures contracts on the commodity, has plunged 60.7% so far this year, falling 27% in November alone. Nevertheless, the ETF has drawn inflows totaling nearly $220 million over the course of the last month, according to data from LSEG Lipper. That is the equivalent of about a quarter of the $946 million ...

Global equity funds remained in demand for a fourth successive week, amid optimism over talks of rate cuts from a Federal Reserve official, although caution ahead of data on U.S. consumer spending capped inflows. Investors poured a net $2.25 billion into global equity funds in week ended Nov. 29, although it was the lowest amount in a week since Nov. 1, LSEG data showed. Investors focused on Tuesday’s comments by Fed Governor Christopher Waller – an influential and previously hawkish voice, who said rate cuts could begin in months if ...

China’s trade data to reflect weakness in the economy China will release its trade numbers as well as the Caixin Service sector PMI next week. The official PMIs released recently were weaker than expected. That weakness is likely to be reflected in the trade data, too. Exports are likely to edge up a little due to seasonal factors but will remain negative on a year-on-year basis at -3.9%. For imports, these are likely to be affected by weak demand due to the end of the holiday period, and growth should ...

Asia’s factory activity remained weak in November on soft global demand, surveys showed on Friday, with mixed signs on the strength of China’s economy clouding the outlook for the region’s fragile recovery. China’s private Caixin/S&P Global manufacturing purchasing managers’ index (PMI) unexpectedly rose to 50.7 in November from a 49.5 reading in October, exceeding the 50 mark separating growth from contraction and surpassing analysts’ forecasts. The reading came a day after official survey that showed a contraction in both manufacturers’ and non-manufacturers’ activity, underscoring deepening troubles in the world’s second ...

Russia is working on the assumption that sanctions against it by the United States and its allies will last for many years, but that U.S. influence on the world economy is waning, Kremlin spokesman Dmitry Peskov said on Friday. Peskov was commenting on an interview in which U.S. Assistant Secretary of State for Energy Resources Geoffrey Pyatt told the Financial Times that Washington was aiming to halve Russia’s oil and gas revenues by the end of the decade. “We have no doubt that these sanctions will last for many years. ...

US experiences a sharp slowdown and slow recovery After stellar third-quarter GDP growth of 5%, the US economy is set to experience slower, albeit still solid, growth in the fourth quarter with legacy household savings helping to maintain consumer spending. However, we are concerned that 2024 will be much weaker as stagnant real household incomes and tighter credit conditions weigh down and pandemic-era accrued excess savings are exhausted for many. Credit card delinquencies are on the rise while student loan repayments are only adding to the financial pressure on millions ...

Germany: Still bedridden The narrative for Germany should be well-known by now. As a result of cyclical headwinds and a long list of structural challenges, its economy was stuck between recession and stagnation in 2023. Admittedly, due to enormous efforts and mild winter weather, the country managed to avoid an even worse energy crisis. However, avoiding the worst never automatically leads to a brighter economic outlook. In fact, the recent fiscal woes are set to bring new policy uncertainty – and more paralysis to the economy as a result. The ...

The Baltic Exchange’s dry bulk sea freight index gained for the fourth straight week, marking its best week since late-February, as rates across vessel segments hit multi-month peaks. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 255 points, or 8.7%, at 3,192 on Friday. It surged about 52% for the week. The main index more than doubled in November to hit a one-and-a-half-year peak. The capesize index jumped 608 points, or 10.8%, to 6,237. It jumped about 84% in its best week ...

A new research paper published in Journal of Environmental Innovation and Societal Transitions by researchers from the UCL Energy Institute explores the role ship financiers can play in shipping’s transition to zero emission fuels. Using a novel theoretical framework which categorises financiers into five enabling or disabling categories, it finds that most expressed an ambition to support incumbent shipowners (as Loyal Enablers) in the transition, but this is mainly due to the importance of their existing corporate relationships. With this financing approach, they place the responsibility of the energy transition ...

The Chief Executive Officers (CEOs) of leading global shipping lines have issued a joint declaration at COP 28 calling for an end date for fossil-only powered newbuilds and urging the International Maritime Organization (IMO), the global regulator, to create the regulatory conditions to accelerate the transition to green fuels. Global temperatures are breaching critical levels, creating more frequent and devasting results. Therefore the importance of shipping achieving IMO’s 2030, 2040, and net-zero 2050 greenhouse gas (GHG) targets is very clear. The only realistic way to meet those targets for an ...

2023 has seen a notable increase in new tanker ordering activity and as the year slowly draws to its end, it is perhaps time to reflect on where investment in new tonnage

Drewry’s World Container Index remained stable at $1,382 per 40ft container this week. Our detailed assessment for Thursday, 30 November 2023 The composite index remained stable at $1,382 this week and has dropped by 40% when compared with the same week last year. The latest Drewry WCI composite index of $1,382 per 40-foot container is now 3% less than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $1,682 per 40ft container, which is $991 lower than the 10-year average rates of $2,673 (which was ...

The New ConTex dropped another 5 points this week on the back of mediocre activity and constantly growing position lists, in particular in the Feeder segment below 2000 TEU.

The United States on Friday imposed additional sanctions related to the price cap on Russian oil, targeting three entities and three oil tankers as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. The U.S. Treasury Department accused those targeted on Friday of using Western maritime services such as transportation, insurance, and financing while carrying Russian crude oil above the $60-per-barrel price cap. The Group of Seven rich countries, the European Union and Australia imposed the $60-per-barrel cap last December on seaborne ...

For the most part, it has been a week thin in terms of circulated enquiry/info in the VLCC markets, but it is clear to see that some action is happening under the radar