New Steel Drum Bitumen Price 2019
Note: Consider all the price figures at an average of ± 5 USD.
A brief analysis of bitumen new steel drum prices in 2019
Iran’s highest bitumen price in 2019 was 370 USD in August and October, and the lowest price was 275 USD in December. In October 2019, Iran’s new steel drum bitumen price had started to decrease slightly. Singapore FOB’s highest price in 2019 was 590 USD in November, and the lowest bitumen FOB price was 505 USD in February.
Bulk Bitumen Price 2019
Note: Consider all the price figures at an average of± 5 USD.
A brief analysis of bulk bitumen prices in 2019
The lowest bulk bitumen price for Iran was 220-240 USD in December 2019, and the highest bulk bitumen price was 300-320 USD in October 2019. As shown above, from March to July, Iran’s bulk bitumen prices were somehow stable, but July to the end of the year, prices had raised and fallen several times.
14 important factors affecting bitumen price in 2019
14 important factors affecting bitumen price list 2019
1) The start of using IMO convention 2020 at the end of the year 2019 and the substitution of crude oil and high sulfur fuel oil (HSFO) in the bitumen price formula had resulted in the fluctuation in bitumen price list 2019.
2) North Korea-U.S. Nuclear Talks Stall
Meeting of Donald Trump and Kim Jung Un didn’t produce much progress. On June 30, Trump and Kim agreed to resume nuclear negotiations. They agreed on the specifics for talks, but hours after striking that agreement, North Korea launched a ballistic missile in violation of UN resolutions. Negotiators met on October 5, but the talks ended after 8 hours with no agreement. The prospects for 2020 aren’t any better.
3) The U.S.-China Trade War Continues
Back in March 2018, President Donald Trump tweeted that “trade wars are good and easy to win.”
In February, Trump delayed imposing a new round of taxes on Chinese goods in a bid to give negotiators time to strike a deal.
In May, he concluded that the talks hadn’t progressed and imposed a new round of charges & August, however, Trump announced he would place tariffs on $300 billion worth of Chinese goods effective September 1. Twelve days later, he partially reversed the course.
China wasn’t mollified; on August 23 it announced tariffs on $75 billion worth of U.S. goods.
Negotiators continued to meet, and on October 11 they reached a tentative agreement on a “Phase 1” deal. It took another two months, though, before the details were worked out. Both sides claimed victory. However, the agreement failed to settle the major differences between the two economic superpowers, suggesting that 2020 could be hard on the trade front.
4) Tensions in the Persian Gulf
War in the Persian Gulf seemed imminent at several points in 2019. In May, four commercial ships were attacked while anchored
just outside the Strait of Hormuz, through which about a fifth of the world’s oil passes. The United States accused Iran of being “directly responsible” for the attacks, a charge Iran denied. Consequently, tensions in the next following months between Iran and the US affected the oil and fuel prices and bitumen price list 2019 deeply.
5) The Amazon Burns
The 80,000 fires set in 2019 were the most in a decade, and they burned an area about the size of New Jersey. The year ended with scientists warning that deforestation in the Amazon had reached a point that would “release billions of tons carbon into the atmosphere.”
6) OPEC cuts production to prop up oil price
OPEC continued to respond to swelling U.S. shale oil production by reducing its production.
7) U.S. oil production sets a new record of 12.8 million BPD
This event impacts on the rest of the world’s oil markets. We would be living in a very different world today if not for the massive increase in U.S. oil production over the past decade. The new record was 1.2 million BPD higher than last year’s record, and it pushed the U.S. to net exporter status for crude oil exports and finished products for the month of October.
8) On 12 May, four commercial ships, including two Saudi Aramco oil tankers, were damaged near the port of Fujairah in the Gulf of Oman.
The United Arab Emirates (UAE) claimed the incident was a destructive attack. On 13 May, the U.S. embassy in Baghdad said U.S. citizens should not travel to Iraq and for those who were already there to keep a low profile. On the same day, The New York Times reported that Acting U.S. Defense Secretary
presented a military plan to send as many as 120,000 troops to the Middle East if any country attacked American forces or took steps toward developing nuclear weapons. U.S. President Donald Trump later discredited this, saying he would instead “send a hell of a lot more” than 120,000 troops if necessary.
9) In June 2019, according to the forces, it was warned that any clash in the Persian Gulf would push oil prices above $100 a barrel.
On 13 June 2019, two oil tankers caught fire after allegedly being attacked by limpet mines or flying objects in another incident in the Gulf of Oman. On 17 June, the U.S. announced the deployment of 1,000 more soldiers to the Middle East. All had a large impact on the bitumen price list 2019.
10) Sanctions and Iranian shoot-down of U.S. drone
Tensions reached a new high when, on 20 June, Iran shot down a U.S. drone, saying the drone had violated Iranian airspace. Iran called the shoot-down a “clear message” to the U.S. while also pointed out that Iran was not seeking war.
11) British and Iranian tanker seizures
On 3 July, Gibraltar enacted “Sanctions Regulations 2019” after the March 2019 Sanctions Act, referring to the EU sanctions for Syria. It also specified the Panama-flagged Iranian tanker Grace 1 as a ship under those regulations. On 4 July, the ship was seized by British authorities while carrying out an off-port limited logistics stop in Gibraltar, on suspicion that the vessel was carrying oil to Syria in breach of European Union sanctions.
12) Seizure of Iraqi tanker and Grace 1 dispute
On 4 August 2019, Iran seized an Iraqi tanker for taking oil to other Arab countries. The seven crew members on board were detained, further heightening tensions in the Persian Gulf and the bitumen price list 2019.
13) IMSC launches operations
On 7 November 2019, International Maritime Security Construct (IMSC) launched official operations in Bahrain to protect the shipping lanes near the troubled Iranian territorial waters. The coalition opened its command center in the country, to ward off the perceived threat to the global oil supply amid the crisis.
14) U.S. airstrikes on Iraqi militia and attack on Baghdad embassy
On 27 December, Iran, Russia, and China performed a four-day naval exercise in the Indian Ocean and the Gulf of Oman. According to the Iranian government and military officials over its state news channel Press TV, the exercise was a response to the U.S.–Saudi regional plans and was meant to demonstrate that Iran was not isolated despite U.S. embargo.
There are more events that largely effected on the bitumen price list 2019. But we have brought only the most important ones.