Crude Oil Stalls
In the Middle East, refineries conducted consecutive hot competitions over vacuum bottom. The competition on 30 October was about 50% in only one day. It is not the first time that this much of competition happens in the region. Recently, traders had several same experiences. Currently, new steel drum bitumen is volatile in the range of $420 – $435 and the bulk bitumen is in the range of $350 – $360.
Fuel and bitumen prices were almost steady in most of regions with a slight change of $ 5 – $ 10. Bulk of Singapore is now volatile in the range of $660 – $670 and South Korea is currently in the range of $ 480 -$ 485.
All countries are surely facing a very hard time in their economies. Inflation is getting out of the control of most governments and they are struggling to stop it. Fear of recession hits the markets every once in a while. The situation is almost resembling the years after of post-world war II.
Crude oil looks to have made a valid bottom, WTI at 73 USD, and it can start a new uptrend after months of consolidation. There is various opinion on and against crude oil growth. However, we can say that at the moment we shall not see any sudden fall of crude.
