Last week, September 7, markets suddenly collapsed but they could recover after. Friday, September 9, prices almost recovered above half of the fall.
On Monday, the market opened with lower prices but it did not last. It ended the day with a %2 growth.
Singapore’s price stayed almost stable after the plunge and it did not increase. singapore’s price is currently in the range of $ 550 – $ 560. Singapore fuel increased by $ 11 during the week. South Korea prices also stayed steady like Singapore. It did not show any growth after the fall. South Korea’s 60/80 is now fluctuating in the range of $ 500 – $ 510.
In the Middle East, the market might experience a price correction in the upcoming days. It is not clear what side will the price goes. Currently, the new steel drum is in the range of $ 400 – $ 410 and Bulk is volatile in the range of $ 330 – $ 340.
Market sentiment and signals are highly mixed and confused at the moment. Demand is floating in the market, even though, monsoon is not totally ver. Traders are making new deals instead of shutting down the business but they try to study the market before any action.
The oil price, Brent, is showing a slight potential to grow back to $ 95 – $ 100 and be volatile in the region for the week. But we cannot take it as a price pivot yet.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.