Weekly Reports: Get updated about Bitumen Market

Weekly Oil Report: Slope of Oil After New Job Data

Pressure on crude knocked the price down by 7 percent. Singapore fuel was volatile as oil but bitumen stayed almost steady. Brent closed at 79.73 and WTI settled at 73.18 on Friday, Feb 3. https://youtu.be/YkLRwWjbmR0 Price partially broke through the yellow resistance on Friday. There is still a possibility for a third drive to the...

Weekly Bitumen Report: Hopes for A More Promising Market in February

On the verge of the one-year war between Russia and Ukraine, Russia is planning a major offensive. Ukraine's Minister of Defence states that Russia is preparing a force of around 500K conscripted soldiers to mark the first anniversary on 24 February. In addition to the wide life losses, this incident might lead to a surge...

Weekly Lubricant Report: Market under the Severe Cold in Iran

In the last days of January 2023, as stated in the Infinity Galaxy crude oil analysis on Monday, oil tried twice to cross the $88 and reach $90, but it was unsuccessful both times and it has returned to the bottom. Finally, it stopped in the range of $85-$86. It seems that the recession predicted...

Weekly Oil Report: Feeble Positive Signals in Petroleum Products

As oil stays in the expected range, bitumen and petrochemicals look to be ready for new growth. Brent closed at 86.05 and WTI settled at 79.36 on Friday, Jan 27. https://youtu.be/24b6Guk8mfI The yellow resistance has been precisely touched several times and it is moving in the defined area of the chart. In the 4h chart,...

Weekly Bitumen Report: Conflicting Signals in the Global Bitumen Market

During the last week, the Brent crude oil price could not cross the $90 again, and the highest price it recorded was around $88. The reason is mainly the resistance created by the oil price of 90 dollars, which is due to the forecast of further economic recession in 2023 and the concern of the...

Weekly Lubricant Report: Erratic Base Oil Prices in the Middle East

With the beginning of the Chinese New Year in East Asia (Lunar New Year), orders from East Asia stopped. During the last week, despite the market's expectation of an increase in crude oil prices, it could not cross the $87. As reported on Monday in the Infinity Galaxy oil report, a strong resistance has been...

Weekly Oil Report: Crude Rises as China’s Demand Climbs

The moderate recovery of China led to a light growth of crude and Bitumen market became hopeful for more increase. Brent oil closed at $87.58 and WTI settled at $81.66 on Jan 20. https://youtu.be/LyJilZe4QdI Oil price is at a critical point as it is shown on the daily chart. Two long-term trend line has collided...

Weekly Bitumen Report: The Increase in Singapore and Iran Bitumen Prices after the Decrease in India

During the last week and by the announcement of a reduction in the monthly inflation rate of the USA, Brent crude oil reached around 87 USD after falling in 6 continuous weeks but that strong resistance did not break and it reached back to the level of 85 USD. Although China shows an increase in...

Weekly Lubricant Report: Unstable but Dynamic Lubricant Market

Due to the imposition of European sanctions on Russian crude oil and the cancellation of the policy of reducing the number of corona cases to zero in China, global crude oil markets are facing an unstable outlook. The cold in the Northern Hemisphere, especially in the Middle East, has increased production costs, and many production...

Weekly Oil Repot: Weakness Shadow over the Market

Oil climbed despite the weakness while bitumen stayed almost steady in most of the regions. Brent oil closed at $85.36 and WTI settled at $80.00 on Jan 13. [embed]https://www.youtube.com/watch?v=J8QXhdzhxMQ[/embed] On the daily chart of WTI, the price is near the top line of the wedge. You can see the possible resistances on the chart. Price...