Weekly Oil Report: Back and Forth Motion Continues in Crude

Prices got stimulated by the positive data of Chinese refineries. But the market is still stagnated by fear and uncertainty.

On June 16, Brent oil closed around $76.26 and WTI settled at $71.60.

The price was down and then up in the sideways channel to close above last week. There is no new evidence regarding the change of trend so the price probably moves in sideways. Being at the top verge of Bollinger Bands and the high purchasing power with a cross in stochastic, it is possible to see a dip during the week.

The back-and-forth movement is the result of contradictory news. For instance, at the first of the week the price fell due to the news of loose supply then supported by the positive refinery data in China on Wednesday. Reports also show that Iran’s oil exports are at the highest level of the last 5 years despite being under US sanctions.

The contradiction is not even limited to supply and demand. Despite the increase of interest rates by the US Fed, several experts are still warning against the recession. Deutsche Bank clearly stated that the recession chance is nearly 100%.

Bitumen and petrochemical are also in a hectic situation. After the 36 dollars decrease in the middle of June by India, bitumen is now at its lowest since the first of 2023. All markets are under pressure.

Here you can check several prices. If you need bitumen, contact me for the exact price.