Crude Bullish Sentiment
In the Middle East, bitumen price has been increasing during the last couple of days. There was a hot competition among refineries in the tender for vacuum buttom. The bulk bitumen is currently in the range of $ 320 – $ 330 in the region. The new steel drum is also in the range of $ 395 – $ 405.
Singapore’s bitumen price increased by $ 5 on Friday but it opened steady on Monday. The price is currently fluctuating in the range of $ 555 – $ 565.
Crude oil started October with a 5% growth on the first opening day. The bullish and bearish factors, as told before, are floating in the market. The current sentiment is almost bullish toward the price. Yet, it might be better to wait to see how the oil reacts to all the existing situations.
Monsoon season is gradually ending and demand is appearing in various regions of Asia. The halted projects have started their activities to keep up with their deadlines. Besides demand, the Mexico gulf hurricane season is here. The casualties are increasing with more storms and hurricanes with an increasing effect on the energy prices.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.
