Jump in Crude Oil Price
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Oil and Bitumen Market Condition
The assassination of the number two figure of Hezbollah at the borders of Lebanon, along with the simultaneous assassination of the head of Hamas’s political bureau in Tehran, both by Israel, caused oil prices to increase by about $4 by Thursday, August 1, returning from its lowest level in the past seven weeks. The surge in the Middle East tensions affected the concerns about weak demands in China.
Meanwhile, a 0.4% decline in the U.S. dollar index also helped support prices, as a weaker dollar can increase demand for oil by making dollar-priced commodities like oil cheaper for holders of other currencies.
In the meantime, the head ministers of OPEC+ held JMMC meeting on Thursday to investigate the global oil status.
The reduction of fuel demand in China, as the biggest importer of crude oil in the world, affected oil market. On Wednesday, China’s official statistics showed that its production activities decreased in July for the third month.
Besides, on Thursday, New York Times cited some sources claiming that Iran may directly attack Israeli territory again in retaliation for the assassination of Ismail Haniyeh on its soil, which would lead to a further increase in tensions.
By the death of Ismail Haniyeh, the senior negotiator for achieving peace in the region, hopes to achieve peace and ceasefire were lost. At the same time, with Kamala Harris entering the election in place of Biden, polls indicate a high chance of her victory, unlike before. It is still unclear what impact the tensions in the Middle East may have on the upcoming 90-day elections in the U.S.
On Thursday, brent crude oil reached 80 USD. Singapore’s CST180 was closed at 482 USD. Bitumen price in Singapore and South Korea were traded at 487 and 405 USD, respectively.
Bahrain bitumen is still stable at 450 USD.
The range of bitumen price in Europe was 450-500 USD.
On July 31, India announced its largest rise in bitumen prices during the last 18 months. Hence, bitumen VG30 and VG40 increased 25 and 29 USD. This surge was higher than expectations and as monsoon is not over in India yet, many of the traders were surprised by this increase. It seems that the volume of bitumen import will jump once again.
In Iran, however, on Tuesday, July 31, the new president officially began his work and is expected to introduce his cabinet in the coming days. Simultaneously, following the assassination of Ismail Haniyeh, the exchange rate of the dollar against the Rial increased, and the market returned to a state of uncertainty. Over the past week, no competition has been recorded, but the trend of prices still appears to be increasing based on the overall assessment of conditions.
To check the latest bitumen prices, visit https://infinitygalaxy.org/bitumen-price-today/.
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