DHT... Continued
As I had predicted based on the Stochastics on Sunday, DHT had been fairly overbought (above 80). We are currently moving into a more middle ground going into the earnings. Look to DCD or buy in somewhere here.
Yes there are certainly things that have stepped in additionally, with the oil news surplus (Meanwhile, the build-up in inventories was less than expected, rising by 9 million last week, down from a gain of 15 million in the prior week. Analysts expected a 9.8 million-barrel increase in U.S. crude supplies, according to analysts polled by S&P Global Platts.), however, it is again the oil markets who are looking to squeeze any bit of positive news from the -19mm bpd we are still encountering.
Article LInk: investors.com/news/oil-prices-shale-producers-make-deep-cuts-inventories-rise/
Look to see a reaffirm of the long positions on these tanker stocks, but be careful to also watch the Spot Rates on Tankers (4.28 VLCC Spot Rate - 184kday; 4.29 VLCC Spot Rate - 130k/day), as DHT is solely dedicated to VLCC vessels now. The second important hump will be on May 5th, when the OPEC+ decision "officially" kicks off to limit production. It is more of a psychological barrier, than it is a real one, as Saudi Arabia, Russia, and others have already begun to cut production.
Yes there are certainly things that have stepped in additionally, with the oil news surplus (Meanwhile, the build-up in inventories was less than expected, rising by 9 million last week, down from a gain of 15 million in the prior week. Analysts expected a 9.8 million-barrel increase in U.S. crude supplies, according to analysts polled by S&P Global Platts.), however, it is again the oil markets who are looking to squeeze any bit of positive news from the -19mm bpd we are still encountering.
Article LInk: investors.com/news/oil-prices-shale-producers-make-deep-cuts-inventories-rise/
Look to see a reaffirm of the long positions on these tanker stocks, but be careful to also watch the Spot Rates on Tankers (4.28 VLCC Spot Rate - 184kday; 4.29 VLCC Spot Rate - 130k/day), as DHT is solely dedicated to VLCC vessels now. The second important hump will be on May 5th, when the OPEC+ decision "officially" kicks off to limit production. It is more of a psychological barrier, than it is a real one, as Saudi Arabia, Russia, and others have already begun to cut production.
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