Weekly Reports: Get updated about Bitumen Market

Weekly Oil Report: Fears of Crude Surge

[vc_row][vc_column][vc_column_text]OPEC+ meeting ended up in an unsolved dispute with no consensus on the distribution. The group refused to stop the tight output plan while UAE had requested to increase its output. UAE is neglecting a huge proportion of its oil production capacity following the OPEC+ agreement, and it is not satisfied. OPEC’s de facto leader,...

Weekly Bitumen Report: Crude and Covid Resulted In a Vague Market

Oil price touched the level of $77 by Wednesday, the highest price within the last three years. It is expected to hit up to $100 as well. Meanwhile, IME increased the vacuum bottom up to $15. It is likely to rise more in the next half of the month. Based on some received reports, some...

Supply Shortage and Soaring Petrochemical Prices

The base oil market has undergone a complex situation in the Middle East, Europe, and Africa during the previous weeks. In contrary to the former meetings of OPEC, the allies could not reach a consensus on the supply plans. Disagreements were imposed by Saudi Arabia and the UAE. Experts believe that oil prices may surge...

Weekly Oil Report: Crude Demand Motivating Suppliers

[vc_row][vc_column][vc_column_text]Crude continued the rally over the first week of July. The OPEC controversy caused a bit of fluctuation on Friday, but it did not stop the trend. Ultimately, Brent closed the week at $75.71, and WTI succeeded to decrease the gap with Brent by getting to $75.10. Crude oil price seems stabilized over $70. UAE...

Weekly Bitumen Report: Market Rising Approach Amid Unstable Rates

During the last week, the dollar value rose against Rial. Professional economic analysts predict a range of 210,000 to 230,000 Rial for a dollar. As a result of this hike, the buyers were looking for lower offers in the market. The Iranian refineries competed on the base price of VB up to 12% in Tehran....

Weekly Oil Report: Crude and Petrochemicals Amused Traders

[vc_row][vc_column][vc_column_text] The crude oil market amused traders in the last week of June by reaching pre-pandemic levels. Brent closed the week at $75.11 and WTI soared to $73.97. We did not have any market mover news during the week; therefore, the oil kept moving on. The purchasing power is nearly weak at the moment. Accordingly,...

Weekly Bitumen Report: Iran Election and Crude Oil Making an Upward Trend

[vc_row][vc_column][vc_column_text] The rally of Iran’s presidential election is over and as it was predicted, Ebrahim Raisi became the eighth president of Iran. The capital markets, such as the stock exchange and currency, reacted positively to this election. In long term, the national currency will most probably get stronger against the dollar. As Infinity Galaxy reported on...

Prior Unsolved Issues Still Affecting the Recycled Oil and Paraffin

Iran's presidential election was held on June 18. Considering the Iranian President-elect perspectives, the Iran-US agreement can confront some new problems. Iran's overall oil, gas and energy policies may change from September. The transform will affect the shape of the market. During the week, oil reached $75 as was mentioned in Infinity Galaxy Monday's report....

Weekly Oil Report: Crude Rising in the Unsettled Market

In the third week of June, Brent closed at $72.43 and WTI hit $71.41 on Friday. During the week, crude faced two red days in a row but OPEC could turn the page on the next day after emphasizing the future demand as before. However, technically, the chart of crude is not promising for the...

Weekly Bitumen Report: Election Shadow on the Bitumen Market

As reported in last week's report of Infinity Galaxy, the upward trend of oil and fuel price was the main player of the market since the rise of demand and fall of oil storages encouraged the investors to enter this market. Iraq, as OPEC’s second-biggest oil producer, said crude will be traded between $68 to $75...