by Dave Walker.
For Week 26 the Clean Tanker Index popped up to a fix of 539, off a 550 Tuesday high. To acknowledge fundamentals, the PES Philadelphia refinery fire was widely seen as positively affecting product tanker rates. This news, and possibly the index range, was both boosted and tempered by announcements of refinery closure or possible a sale and restart.
At first glance, the indicator divergences may hint at further index strength outside the high profile news of recent weeks. While the dust settles, we are still watching our 625 – 650 resistance thoughts should the restrained Week 26 action gain momentum.
A tight range marked the Dirty Tanker index for Week 26, fixing at 680. Staying in the midst of our Week 15 675 – 700 resistance thoughts, the index kept to a tight 3-point spread to parallel the previous week’s fix.
Still seeming to have a challenge with our 675 – 700 resistance zone, the Dirty Tankers are under observation for building signs of renewed energy.