Oil and Bitumen Highlights: Confused Traders Wondering in Markets
Bitumen Report – September 12, 2022
All Markets have lingered in shock of oil as crude suddenly fell by 8% and quickly recovered after.
The bitumen market, though, stayed active.
Brent finally closed at $92.11 and WTI settled at $86.19 on Friday.
After the plunge, many believed that OPEC was warning the world about demand slowdown by the cut. Now, all eyes are on OPEC as the cartel reassured that they would intervene if the oil price dropped lower.
The best explanation for last week’s sudden movements might be the intensified fears of recession. The Europe gas crisis and China’s new reports were the main elements. Europe is now in danger of a gas crisis more than ever.
Factories and industries are shutting down due to energy shortage in the coming winter; therefore, the production level of the region is decreasing. China, on the other hand, released new reports showing that demand is waning in the country.
Russia’s threats seem to be affecting the market. but the measure is not clear. According to the news, Ukraine has made new progress in northern regions. It might change market sentiments.
Fears also increased in bitumen markets, but it did not completely stop purchases. Suppliers and clients are both in trouble with making decisions as they are not certain about oil prices.
All bitumen markets were volatile on September 7th and 8th. Singapore bitumen fell by $10 but the price recovered by $5 on Friday. HSFO price increased by $20 as well.
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