Weekly Reports: Get updated about Bitumen Market

Weekly Oil Report: Up or Down, All Things Are Vague

Market participants are still in a dilemma with the oil direction. Petroleum product traders have the same anxiety in several regions. On May 19, Brent oil closed around $75.84 and WTI settled above $71.83. https://youtu.be/1UNQsn4wuOU As you can observe on the daily chart, Brent's downtrend is not over. Though, we can see a moderate weakness...

Weekly Bitumen Report: Market Recession and Contradictory Opinions about Future

The inflation in the United States is decreasing and Federal Reserve might stop the increase of interest rate within the next month. Hence, US dollar value should follow a downtrend. Still, some of the analysts believe that some factors will affect the 2% improvement of USD index against other currencies. One of these factors is...

Weekly Oil Report: Mixed Concerns of Demand and Supply

Another shock by crude drove all petroleum products lower. On May 12, Brent oil closed around $74.17 and WTI settled above $70.03. https://www.youtube.com/watch?v=So60GnWW290 Mixed sentiments of the market finally weighed on the negative side and broke through 75. The next support of the price is around 71 which it had even touched before. The fall...

Weekly Bitumen Report: Short-term Confusion and Long Term Optimism

During the last week, Syria returned Arab Union after 12 years. This might lead to the end of one of the most important tensions in the Middle East and North Africa. Whether this return leads to more political and economic peace and stability in the Middle East should be concluded by the passage of time....

Weekly Oil Report: Sudden Rush of Fear in Oil Markets

Crude oil shocked the market with the third falling week and getting below 80 dollars. Affected by oil, petroleum products had hectic days. On May 5, Brent oil closed around $75.27 and WTI settled above $71.29. Watch the technical analysis on our YouTube Channel: https://youtu.be/wCd45uT2aYQ Although Brent fell to 71.40 on Friday, it didn’t make...

Weekly Bitumen Report: The Oil Shock in Petrochemicals and Bright Prediction of the Market

During the last week, Russia was at the center of attention; some of the most significant events were the Kremlin drone attack, the broadcast of a documentary in Europe Union about the involvement of Russia's vessels in the explosion of underwater pipelines of Nord Stream in the last September, and Reuter’s report about the suspension...

Weekly Oil Report: Is the Price Exhausted to Go Higher?

Crude oil set for the 6th month of consecutive fall. The drop happened despite all the concerns about tight supply and demand improvement. On April 28, Brent oil closed around $80.25 and WTI settled above $76.61. The strong resistance at $87 is holding on since November 2022 and the price doesn’t seem to have enough...

Weekly Bitumen Report: Crude Oil Price Led to Market Fragility

On 25 April, Joe Biden announced his candidacy for the presidential election of 2024 in the USA. It is not still clear who would be known as his serious competitor in the Republican Party. Based on the latest survey of Reuter, Biden's current popularity is about 39%. It seems that changes in the financial markets...

Weekly Oil Report: Tighter Supply Couldn’t Surpass 90

On April 21, Brent oil closed around $81.35 and WTI settled above $77.91. As mentioned in last week’s oil report, the strong resistance finally turned down the price by 5.83%. The sharp bullish sentiment is now fading gradually, though, it is not over. There are some words in the market on 100 or 200 crude...

Weekly Bitumen Report: Temporary Pause of the Market Caused by Holidays

In the latest report of Bloomberg, the level of possible recession among 20 major economic powers of the world in 2023 was estimated. Based on the report, the possibility of a recession in some of the countries is as follows: United Kingdom 75%, United States 65%, China 12.5%, and India almost zero.In this report, at...