Weekly Reports: Get updated about Bitumen Market

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...

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...