The Middle East experienced a downturn, indicating a necessity for substantial changes to shift the current market trajectory.
Amid ongoing conflicts in Qaza causing numerous casualties, various markets are experiencing volatility due to daily shifts in the region. Crude oil faced its third consecutive weekly decline, sparking concerns over declining demand and potential supply disruptions. Despite earlier reports from OPEC indicating sustained demand and worries about potential market disruptions due to US surveillance of Russian oil sanctions, prices fell again midweek after a brief rise on Wednesday, October 14th.
In China, the real estate market hasn’t hit its lowest point yet, with weakened sales compared to the previous month. Commercial real estate saw its worst performance of the year. Reports from Bloomberg indicate a decrease in China’s nominal GDP in US dollars, raising concerns among foreign investors about the country’s economy.
Meanwhile, America and Europe are experiencing relatively better situations with slight improvements in inflation. Crude oil prices hovered around 83 USD per barrel last week, while Singapore’s HSFO CST180 reached 458 USD, marking a nearly 10 USD increase. Bitumen prices in Singapore and South Korea remained steady at 505 and 405 USD, respectively. Bahrain’s bitumen prices remained unchanged at 400 USD.
In India, bitumen prices dropped by 7 USD on November 15th, and the short-term outlook for the Indian market remains uncertain for improvement. Europe saw significant declines in bitumen prices ranging from 390 to 450 USD.
Conclusion
Similar to other producers, Iran’s market faced a recession, suggesting a need for a significant change to alter the current market trend.
