- Due to the uncertainty of economic outlook, the OPEC+ decided to maintain its oil reduction stance (2M barrel/day) by 2023.
- Sea Freight
- The production of containers is expected to increase by 6.7% and 5.5% in 2023 and 2024 respectively, and the gap between demand and supply is likely to diminish.
- Air Freight
- The jet fuel and FSC has temporarily rebounded following the recovery of demand in China and the resumption of travel. The cargo supply centering around supply from Asia is diminishing.
- OCED CLI
- 98.4down(0.1) January
- Manufacturing PMI-US
- 47.4down(1.0) January
- Oil Prices-WTI
- 79.2down(1.3) January
The OECD leading index fell slightly from the previous month in the U.S. and China, while Europe maintains it after a 16-month decline.
The U.S PMI index shrank for 3 consecutive months and Europe continued to rise to 48.8, but lasts to shrink for 7 straight months. On the other hand, China is showing signs of improvement in the new year, turning to 50.1 in 4 months.
- 1,041down(88) January
- TAC-HKG to EUR, US
4.97down(0.51)5.68down(0.26)January Week 4
- Jet Fuel
- 3.542up(0.645) January
The SCFI composite index continues to decline, but it is 24% higher than ‘19 average. The TAC index has seen a series of declines in Hongkong to Europe/US, while Shanghai to US has fallen again since the rebound last month.
Due to China's recovery in demand and the resumption of travel, Jet fuel fell 14% compared to its high point in June 22, but rose 45% YoY, and FSC fell 47% compared with its high point in June 22, but rose 78% YoY
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