Weekly Oil Report: Expectations for Demand Growth in 2023

On August 11, Brent oil closed at $86.55 and WTI settled around $83.01. Watch technical analysis:

The sensitive price area fueled the excitement about bullish sentiments.

However, the price couldn’t pass the 23% fib level resistance in daily and monthly timeframes.

In the monthly view, the price is also at a historical resistance. It needs a much bigger candle to get the price moving upward.

Demand growth is certainly one of the main reasons for the positive sentiment. According to the IEA report, oil demand hit new highs in June and it is set to another higher in August. The demand is driven by the increasing air travel and petrochemical activity in China.

Surprisingly, China will even increase oil imports from Saudi Arabia by 40% in September. Under the new supply contract between Aramco and Chinese refiners, China will receive 52 million barrels of crude oil cargoes next month.

Fuel and bitumen were unstable last week. In the last 3 days, Singapore’s fuel fell by about $ 23 while it was increasing in the days before.

Bitumen had a difficult situation too. While Europe prices are rising constantly, prices in Asia are under pressure. India is likely to increase bitumen prices on August 15.

If you need bitumen, contact me for the exact price.