Bitumen Price March 2021

New Steel Drum Bitumen Price March 2021

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Bulk Bitumen Price March 2021

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Pasargad Embossed Bitumen Price March 2021

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Jey Embossed Bitumen Price March 2021

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Bitumen price March 2021

In the following, we will analyze the market regarding the recent changes and fluctuations of bitumen price March 2021 .

As a matter of fact, signs of change in the oil market are emerging, demand has weakened in Asia

and strengthened in the West, and this has coincided with the return of

the Iranian oil supply. This is a turning point from 2020 when the return

of economic activity in China and India after the Corona crisis boosted crude

oil prices. Generally speaking, China’s oil imports are now slowing, threatening the outbreak of a fresh wave of demand – 19 in demand in the world’s

third-largest consumer – India. On the other hand, demand in the

United States and Europe is about to increase as vaccination trends

increase and travel restrictions decrease.

 

Latest Bitumen Price

Bitumen price March 2021 and the global events

It’s also worth mentioning that the Wall Street Journal reports on changes in

the oil’s structure market. Demand for the Middle East sour crude,

which is popular with Asian refiners, is also rising, according to the report. OPEC has also agreed to increase production to meet global demand,

while Iran’s oil production has jumped sharply since the autumn. These forces represent key changes in the supply and demand mechanism of the market

as the price of Dubai sour crude oil, which a reference for

Middle East oil exports, declines.

Brent overtakes Dubai oil

As the reports show, the price premium of the Brent oil index,

which is the index of light and sweet North Sea crude oil basket, has been

higher than the Dubai sour oil index in recent months. Besides, Brent crude averaged $3.03 a barrel as of April, the highest price premium for

Brent crude since November 2019, according to Platts. In fact, this is a

clear turnaround from last year. In the spring of 2020, when the fall in

demand pushed the price of the WTI index below zero and Brent fell below

$20 a barrel, Dubai premium oil was at an incredible price against Brent. This happened again in the fall when demand in Asia recovered faster than

Western countries still quarantined. Additionally, Brent oil prices rose late

last year, accelerating in anticipation of increased supply from

Middle Eastern producers and global demand growth.

It’s also needful to say that Brent crude has risen 25 percent to about $65 a

barrel this year, but the Dubai Oil Index has slowed. According to Platts,

the price of this oil index has increased by 22% this year and has reached

62 dollars and 21 cents per barrel. As the final point, the price gap between

Brent and Dubai plays an important role in driving crude oil flows around the world. According to John Morley of Pletz, when Brent is relatively

expensive, Asian refiners are likely to buy more crude oil from the Middle East. Under such circumstances, he believes, Dubai’s oil-related oil indices

could flow to even more distant destinations, such as the

west coast of the United States.