Weekly Oil Report: Battling with Market Imbalances

Crude oil’s sudden plunge caused a confusing market with mixed directions in Bitumen and other petroleum products.

Brent closed at $87.82 and WTI settled at $80.14 on Friday, 18 Nov.

Watch WTI Technical Analysis:

The expected double-top pattern was almost completed in the week! The fall was quick and it left a long tail for the candle which might be a sign of a bit of consolidation toward the bottom of the shown rectangle. The buying pressure has increased slightly, but we cannot say that we should be on an upward trend during the week yet.

WTI fell by about 10% and it confused traders in other markets. Fuel fluctuated along with oil and closed by a $15 decrease on Friday. Bearish and bullish communities have their own objections against the trend. Bears believe that the recession is dominating while bulls insist on the coming supply restrains by the G7 new embargoes on Russia.

The missile that hit Poland was suspicious to make the sparks of WWIII after the death of two people. The thread was off the table as NATO determined that the missiles were not owned by Russia.

Affected by the mixed sentiments, India increased the bitumen price by $ 26.5 on November 16. The country has actually added $ 57 to bitumen prices in November.

Iran’s market has been also hit by the competition over the vacuum bottom. The average of the competitions was around 60% during last week.

Singapore and South Korea, on the other hand, followed the direction of crude and decreased their prices by 5-10 dollars on Friday.

Below, you can check several bitumen prices in different regions.