On Friday, Ukraine carried out a drone strike on Russia’s Primorsk port in the northwest, forcing an overnight suspension of oil loading operations.
Continued attacks on Russia’s energy infrastructure could further reduce the country’s crude oil and refined product exports.
Although the attacks caused a slight uptick in oil prices during the week, concerns over U.S. economic indicators prevented further gains.
On Tuesday, the U.S. Department of Labor reported that the economy likely created 911,000 fewer jobs in the 12 months ending in March than previously estimated. The department also announced on Thursday that the Consumer Price Index (CPI) rose by 0.4% in August, marking the largest monthly increase since January.
On Tuesday evening, September 8, Israeli fighter jets violated Qatari airspace and bombed targets in Doha, the country’s capital.
The strike hit the Electra district, where a high-level Hamas delegation led by Khalil al-Hayya was meeting to discuss the latest ceasefire proposal for Gaza.
Although the immediate impact of the attack on oil prices was limited, analysts note that if the strike signals Israel’s intent to expand the battlefield to the Persian Gulf, geopolitical risk premiums could return with force after a relatively calm summer.
OPEC+ confirmed in its Sunday meeting that it will roll back more than 1 million barrels per day of its additional voluntary production cuts over the next two months. Despite forecasts suggesting this move could drive oil prices lower, OPEC believes that global demand growth of 1.8 million barrels per day in 2025 will help maintain market balance.
Bitumen export prices declined in most parts of the world. European export values also trended lower amid weak demand and softer crude and fuel oil markets.
In Rotterdam and the Baltic, export bitumen cargoes fell by $6, settling at $405/t and $400/t, respectively.
In Italy and Spain, cargoes were assessed at $377/t and $380/t, respectively.
Mediterranean cargo prices edged slightly lower amid volatile oil market conditions, settling at $366/t.
North and West African markets, led by Morocco and including Algeria and Libya, were importing significant volumes.
Delivered cargo prices into north and west Africa posted slight declines, assessed at $408/t and $551/t, respectively.
Meanwhile, in East Africa, imported cargoes were assessed at $498/t, showing a slight increase.
In Asia, bitumen values edged lower amid thin spot liquidity, with demand staying sluggish. Buyers and sellers were reluctant to commit, as regional importers had no urgent requirements.
In Singapore and Thailand, the average export bitumen prices were $417/t and $418/t, respectively.
In South Korea, these cargoes fell by $5, trading at $399/t.
Iranian bulk export prices also down to $278/t, though activity remained muted due to heightened exchange rate volatility.