Oil prices rose again, but crude oil quotes remain stable

After 20 days of bombing Iranian military facilities by Israel and the US, Iran continues to attack gas plants in Qatar and Bahrain, as well as oil terminals in neighboring countries, which again leads to a rise in oil prices.

 

May Brent crude futures rose to $115/barrel during trading yesterday, but eventually rose 1.3% per day to $108.8/barrel, and today began trading lower.

 

Vegetable oil markets have almost stopped responding to speculative jumps in oil prices, but quotes remain at maximum levels.

 

May palm oil futures on Bursa Malaysia followed oil prices yesterday, rising 1.86% to 4,612 ringgit/t or $1,171/t (+1.5% for the week).

 

May soybean oil futures on the Chicago SWOT after a 5.5% collapse on Monday increased by 2.3% during the week to $1,440/t (+10.5% for the month).

 

Increased soybean oil supply from South America continues to pressure prices in Chicago and other oil markets.

 

Soybean oil prices in Brazil increased by $60/t to $1,190-1,220/t FOB in a week, and on the Dalian exchange by $20-25/t to $1,245-1,250/t, while Argentine soybean oil remains the cheapest and is offered at $1,150-1,180/t FOB.

 

An unusual price balance has formed on the global vegetable oil market: soybean oil in South America is trading cheaper than palm oil in Asia.

 

Prices for sunflower oil delivered to India remained at $1,420-1,425/t CIF Mumbai during the week, as buyers actively contracted cheap soybean oil from South America.

 

Offer prices for Russian sunflower oil fell by $10-15/t to $1,300-1,305/t FOB over the week, while demand prices for Ukrainian sunflower oil remain at $1,280-1,290/t for delivery to Black Sea ports.

 

Markets hope that after the end of the war with Iran, world oil prices will fall again.