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is a vital material for many industries and has become highly applicable lately.
that has many grades and by-products, all of which have various applications and uses.Except for the grades and functions, this product has another important item that is highly noticeable, the bitumen price. To some extent, the bitumen price and its process is even more highlighted than the product itself. Why is this so? This question may pop up in your mind. To answer this question, we should refer to factors such as the oil price, petrochemical products demands, the condition in the different markets, and the global happenings all will affect the bitumen price. So, this is a general complicated matter that needs accurate analysis and forecasts. Subsequently, the bitumen price itself will affect some other particularities and elements to some extent. In other words, whereas some matters impact the bitumen price, the bitumen price itself causes some changes in some trades and schemes. In the following, we will discuss the items that affect the bitumen price and the changes of the prices in the recent years.
What Items Affect Bitumen Price?
Bitumen is mainly derived from the vacuum bottom in oil refineries. Bitumen manufacturers refer to it as the heaviest part of crude oil, which is the base material for producing bitumen. Therefore, the VB price is extremely influential in bitumen and other petrochemical costs. The below-mentioned items affect straightly on the Vacuum Bottom
- (VB) Price:
- Fuel price
- Crude oil price
- Political circumstances
- Currency rates equality
Bitumen demand and supply rates in the market, and
The rate of demands on the hot season of the year when constructions are increased.
These details are responsible for the vacuum bottom price moves. Look at the figures below to learn better.
- Avg annual OPEC crude oil price 2017: 52.51 USD
- Average annual OPEC crude oil price 2018: 69.78 USD
- Average OPEC crude oil price 2019: 63.83 USD
How did the bitumen price change in 2017-2018?
In 2018, according to the global growth of GDP, developing countries’ requests for bitumen, and an increase in the global oil prices, bitumen price reached a better state compared to 2017.
2018, three major incidents in the world influenced the Middle East, changing both the demand and the supply side of the price. In January 2018, Venezuela’s oil production falls to its lowest level since January 2003. The crude oil prices have gone up, as a result, leaving no other choice to refineries to increase bitumen prices as well. In May 2018, the United States left the Iran nuclear deal, forcing more turbulences to the price and market afterward. Another challenge that imposed on the bitumen market in May 2018, was the OPEC’s decision to condense the production of crude oil. Overall, the variations of bitumen prices reached its highest level during 2018. You may be surprised to find that the lowest value of bitumen in this year was 290 USD (in February), while the highest rate happened to be 370 USD (in September), more than 80 USD.
value change in 2018-2019?
In 2019, the world’s political chaos imposed more fluctuations to bitumen prices in comparison to 2018. The year started with the U.S and China trade war, driving the prices of both crude oil and bitumen up. In June and May, Persian Gulf ship attacks, Iranian shoot-down of U.S. drone, British, and Iranian tanker seizures set a price record for 2019.
The last geopolitical incident that could shake up the bitumen price in the Middle East, was the Attacks on Saudi Aramco oil facilities, in September. Despite bitumen Market demonstration in 2019, bitumen prices went through a surprising slowdown in the second half of the year. In October, the bitumen Market began to lose its value, as a result of the International Maritime Organization’s decision to set new shipping fuel standards.
bitumen value change in 2019-2020?
The year 2020 was quiet an exigent year regarding the coronavirus crisis and the economic depression? Before Coronavirus pandemic, Brent crude oil rose to its highest level in the first four months of 2020, reaching $ 70 on January 6.
With the contagion of the Coronavirus in the Middle East and Europe, as well as the closure of China’s borders, Brent crude oil hit $ 35 on March 9, and Brent oil has been declining since then, reaching $ 9 on April 21. WTI oil price changes have followed a similar trend. On January 6, WTI oil reached $ 63, which was the highest price in the current year. Two falls in the prices occurred on March 9 and April 21. The minimum WTI oil price was recorded at $ 11 on April 21, 2020. Moreover, OPEC’s highest oil price in 2020 was recorded on January 6 at $ 70. The lowest price for this oil on April 22 was $ 12. On March 10, a $ 13 drop-in OPEC oil happened.
All the above-mentioned fluctuations were the result of the coronavirus crisis. As we all know, as the oil value changes, the price will change undeniably.
Generally, the prices in the Middle East have more fluctuations, since the U.S has more conflict with the Asian countries such as China, Iraq, etc. However, European countries have their own complications in their economy and prices.
Up to now, we have discussed the variations of bitumen price, effective items on this subject, and the trends of the price since 2017. Infinity Galaxy