Weekly Bitumen Report: EIA: Crude Oil Probably Jumps Over 80 USD

On Tuesday, September 10, Kamala Harris and Donald Trump debated in Philadelphia for the first time. Despite shaking hands, they did not seem to be friends! In a flash poll, most debate watchers said that Harris outperformed Trump and the betting markets reflected the same.

In the meantime, the Secretary of the US and UK Foreign Secretary met with Ukrainian President Volodymyr Zelenskyy on Wednesday. So far, Britain and the United States have not allowed Ukraine to use long-range missiles against targets within Russian territory to avoid escalating the war in Ukraine. However, Russia has threatened to retaliate if Ukraine uses long-range missiles against Europe and the United States.

At the same time this week, news from China reported that the shares of real estate companies in China have dropped to their lowest level since 2008 and China’s economy has not reported to be in a positive situation. These factors led to the fall of crude oil prices to its lowest level during 2024. Such a severe fall happened while there was a supply disruption in the United States due to the Tropical Francine Storm and the analytical firm Kepler reported 81% reduction in oil exports from Libya during the previous week.

However, the decrease in demand in China could overcome supply issues. According to the new data received from China, in August, consumer inflation in China reached its fastest speed in the past six months but the internal demand of the country has increased. In the meantime, China’s export rate increased too but its import has reduced.

At the same time, the analysts of Trafigura oil firm believe that Brent crude oil prices will probably remain in the channel of 60 USD but the Energy Information Administration (EIA) in America in its short-term energy outlook report released on Tuesday, raised its forecast for oil demand this year and stated that Brent crude oil prices are likely to rise above 80 USD.

On September 12, Brent crude oil closed at 71 USD. Singapore’s 180CST reached 417 USD.

Bitumen prices in Singapore and South Korea were reported at 507 and 415 USD, respectively.

In Bahrain with a fall of $25, the bitumen price is stable at 395 USD.

The range of bitumen prices in Europe was 370-440 USD.

On September 1, India experienced a decline in bitumen prices, and it is expected to see an additional drop of 10-20 USD by mid-September.

In Iran, bitumen prices remained stable because of the drop in crude oil prices, despite considerable competition for VB purchases. Right now, it can be said that Iran’s bitumen suffers from a shortage of VB for bitumen production, a surge in production costs, and an ambiguous situation of marine transportation and it is not in line with global trends.

To check the latest bitumen prices of different destination ports, please visit https://infinitygalaxy.org/bitumen-price-today/.

This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy.