Bitumen market conditions and prices remained almost unchanged since Oil prices retreated this week, retracing most of the gains achieved last week, putting crude nearly back where it started before the latest rally. WTI dropped to $46 per barrel on October 15 and Brent fell under $49. The EIA reported bearish weekly figures, which depressed crude markets. Refinery inputs dropped and crude inventories shot up by 7.6 million barrels, the most in six months. The jump in storage levels renewed fears of oversupply. As of mid-day trading on Friday, crude posted some gains, but was down overall for the week.
What we expect from the market in coming weeks, is stability in Prices and rise in products demands, both in oil and petrochemical segments.