I think we will get a temporary technical bounce in the mid 40s, so in that, I tend to agree with Mr. Luorio. However I don't think that will be the bottom. Given the supply situation, I expect the market to test "the bottom" for several months until a new range is found.
Yea, I'm glad to see the media picking up the storage trade. This is just the beginning for Frontline. I expect them to easily manage their debt, eventually reinstate their dividend, and the appreciation of tanker values will send them many multiples higher.
Thanks for posting that the other day, by the way. I bought in at $2.66 last week on a small position after looking into it.
Russian diesel exports from Primorsk to rise 44% in January: Traders Singapore prompt 92 RON gasoline swaps curve sinks to deepest contango in nearly 5 years Med Crude-Urals slips in Baltic, Saudi cuts OSPs to Europe
I agree with that. There are a lot of traders who keep betting 'this is the bottom'. I expect another selloff on tomorrow morning's weekly petroleum status report. I plan on covering some of my short on the dip from that report and stay a bit light for the rest of the week.