Weekly Oil Report: Surprising Twist of Political Fundamentals

Another week passed with uncertain traders in oil markets. Watch crude oil technical analysis:

The price continued struggling in the same range as the last couple of weeks. On Friday, Brent closed at $82.11 and WTI settled around $77.75. The shown support held on with a long shadow tail. The sentiment is mixed and price is struggling. Right now, there can be a little decrease in the price but the support is still powerful and it needs a huge pressure to be broken downwards. The range of the price is between the support and MA 100.

Market fundamentals had some interesting shifts. International Criminal Court warranted arrest against Israel. Israel, however, continued the attacks on Rafah after the ICC action. The US senators condemned ICC action too.

Berlin also announced to be ready to comply with a potential ICC order. German Chancellor stated that Berlin would arrest and deport Prime Minister Benjamin Netanyahu if the International Criminal Court implemented a warrant for his arrest.

Norway, Ireland and Spain recognized Palestine as a state on Wednesday. The decision marks a significant shift in European policy into Israeli-Palestinian conflict.

Iran’s president death in a helicopter crash forced the country to have a presidential election sooner than regular. In the next 50 days, Iran will run a snap election to announce the new president.

Saudi Crown Prince Mohammed Bin Salman will soon visit Iran. It will be the first potential visit by a Saudi royal to Tehran in over two decades, showing another step towards diplomatic common interests of two oil-related parties. The USA wouldn’t be happy about this visit.

Although several fundamental changes happened, the results have not identified yet. Therefore, bitumen markets are still in an uncertain condition. Bahrain kept prices steady after the increase. Europe is still on the rising side of the market. Iran continues without any competition. East Asia’s prices also stayed unchanged.

Latest Bitumen Price – 27 May 2024

Location	Price (USD)
Iran (bulk) - BND FOB	286 - 291
Singapore Bulk	440 - 445
South Korea Bulk	400 - 405
Bahrain Bulk	480 - 485

This article was prepared by Mahnaz Golmohammadian, the export manager of Infinity Galaxy (www.infinitygalaxy.org).