Weekly Reports: Get updated about Bitumen Market

Weekly Oil Report: Fears of Economic Slowdown Surpassed Supply Difficulties

On June 23, Brent oil closed around $74.34 and WTI settled at $69.47. https://youtu.be/hRL-3Oz7wjQ Things got ugly on Thursday for oil, making it to give up all the week’s gains. The daily Friday candle shows a drawback by the market. Zooming in on the timeframe, the price is at a critical point on the 50%...

Weekly Bitumen Report: Market's Stillness

The European Central Bank announced the continuation of interest rates in the Euro area while 1 day before it, the US Federal Reserve stopped the uptrend of interest rates for the first time since March 2022. Thus, the base interest rate in the Euro area reached 3.5% which is the highest rate in the last...

Weekly Oil Report: Back and Forth Motion Continues in Crude

Prices got stimulated by the positive data of Chinese refineries. But the market is still stagnated by fear and uncertainty. On June 16, Brent oil closed around $76.26 and WTI settled at $71.60. https://youtu.be/xUlLLxv7Oso Watch Technical Analysis of Crude Oil + Bitumen News The price was down and then up in the sideways channel to...

Weekly Bitumen Report: The Consolidation of Interest Rate in the USA and its Effects on Market 

While the Federal Reserve of the USA was constantly increasing the interest rate during the last year, on Wednesday 14 June and in their latest meeting, they announced that there would not be any increase in their interest rate. To control inflation, the bank increased its interest rates 10 times since March 2022.  In the...

Weekly Oil Report: Quiet Global Market vs Iran’s Increasing Possibility

The slight stability of crude helped to make petrochemical prices more attractive for traders. On June 9, Brent oil closed around $74.94 and WTI settled above $70.29. The price moved in the expected range and it didn’t have any noticeable change. Obviously, Brent couldn’t break through 78 even on the third attempt. The weakness is...

Weekly Bitumen Report: Ambiguous Conditions in the Market despite the Demand to Buy

Despite Saudi Arabia's voluntary announcement of reducing oil production at the latest OPEC+ meeting, oil prices failed to rise again and Brent crude remained in the range of 72 to 76 dollars. Wednesday, new reports were released indicating that the United States intends to increase crude oil production. The US Energy Information Administration (EIA) predicts...

Weekly Oil Report: Will Cuts Push the Market Once More?

Note: Happy environment day! Earth is the only known planet to support life so be more kind to it. Try to take care of your home by restricting pollution. Jumbo Bags are one of those options to consider. Contact us for more information.  On June 2, Brent oil closed around $76.20 and WTI settled above...

Weekly Bitumen Report: The Fundamental Persistence against Uptrend Signals of Market

During the last week, the price of crude oil dropped significantly because of concerns about the lack of agreement on the debt ceiling in America. However, on June 1, it faced a slight increase by the release of news about the agreement between the two parties of America on the increase of debit ceiling. According...

Weekly Oil Report: Markets on Edge with Demand and Supply Incoherent News

Supply is not as tight as was expected on the first of May. Reports are keeping people uncertain towards the oil movement. On May 26, Brent oil closed around $77.16 and WTI settled above $72.83. https://youtu.be/jmtXfIWhOxk Stalling at the blue resistance shows the uncertainty of traders. On the 1h chart, the sideways movement is approving...

Weekly Bitumen Report: Low Demands of India and Best Prices of Iran

The release of news about the decline in oil and fuel reserves of America and the warning from Saudi Arabia's minister of energy led to a slight increase in crude oil prices but Brent oil could not exceed the level of 80 USD.In the latest Qatar economic forum, the speeches of the heads of Qatar...