New Regulations
Increasing prices are still surprising market participants. In the Middle East, new regulations are hitting the market. New tax regulation has put suppliers under pressure; therefore, it is inevitably increasing the prices. To be more specific, the market may face a hard situation on the supply side.
Besides the local restricting factors, crude oil and fuel have been affecting the markets since the start of the bullish trend.
Big financial institutions have increased their price projections of crude oil to 100 USD for 2023.
It is expected to see bitumen and petrochemicals to continue their increasing movement.
In the Middle East, the new steel drum bitumen is in the range of $ 418 – $ 425 and the bulk bitumen is in the range of $ 335 – $ 340. The bulk of Singapore is volatile in the range of $ 530 – $ 535 and South Korea is currently $ 450 – $ 455.
