Bitumen Price October 2020

New Steel Drum Bitumen Price October 2020

Months1st Week2nd Week 3rd Week 4th Week
October225-235 225-235220-230221-231

Bulk Bitumen Price October 2020

Months1st Week2nd Week 3rd Week 4th Week
October150-160150-162150-161151-160

Pasargad Embossed Bitumen Price October 2020

Months1st Week2nd Week 3rd Week 4th Week
October235-245235-244235-245230-240

Jey Embossed Bitumen Price October 2020

Months1st Week2nd Week 3rd Week 4th Week
October235-245235-244235-245230-240

Bitumen price October 2020

Many factors have affected the bitumen price October 2020, some of which will come in this article. The first factor is Saudi Aramco that cut the official selling price of its crude oil to Asia and the United States for October while raising the price of some of its oil and bitumen grades for northwestern Europe and the Mediterranean.

How Saudi Aramco affects the bitumen price October 2020?

In this regard, Aramco said it had lowered the price of crude oil from the Arab light oil grade by $ 0.20 compared to the July price per barrel. Thus, the price of Arab light oil is $ 0.45 per barrel lower than the Oman / Dubai oil index. However, Aramco raised the official selling price of its heavier crude oil for sale in Asia by 10 cents a barrel to $ 1.75 lower than the Oman / Dubai index.

In addition, Aramco said it had raised the price of Arab light oil for sale to northwestern Europe by 0.55 cents a barrel and is now $ 2.55 cheaper than the Brent index.

Of the 10 refineries surveyed by Bloomberg, only four said they would buy more oil from Saudi Arabia as Aramco cut October sales because consumption remained lower than before the Corona outbreak. Therefore, the results of the survey show a slowdown in demand in Asia as the world’s largest consumer of oil.

Meanwhile, US President Donald Trump

has said he intends to curtail economic ties with China, threatening to punish US companies that create jobs abroad and bar those with trade ties to China from obtaining federal contracts.

On the other hand, the weak recovery in Asian oil demand, the end of the US summer holiday season and more supply from the OPEC Plus group have darkened the short-term outlook for oil prices.

According to Wyok Dahar, a commodity analyst at Commonwealth Bank of Australia, the drop in oil sales prices by the Saudis shows the extent to which demand recovery has not been guaranteed. Moreover, transportation remains a very challenging situation, with transportation fuels accounting for two-thirds of oil demand.

As the final point, it’s good to know that Brent crude for November delivery fell 0.1 percent to $ 41.95 a barrel. Besides, West Texas Intermediate for October delivery fell 1.9 percent to $ 39.2 a barrel.

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