Rising Crude Oil Injects Positive Sentiment
Bitumen markets almost had a rising trend last week. The positive sentiment is because of crude oil movements to surpass $ 80. Brent, at the time of writing this report, is $ 88.65 and the buying pressure is rapidly rising. With a higher possibility of seeing $ 90 oil, markets of bitumen and other petroleum products are also improving. Demand is growing due to the revised outlooks and supply difficulties. Suppliers are under pressure because of shipping delays and freight changes. Weather changes and sudden rains have troubled traders with heavy congestion in ports.
Iran’s bitumen price increased by 8% and it will continue according to news. Europe and Bahrain also increased prices. Bahrain raised the prices by 20 $. India increased the price by 1.5 $ despite talks about keeping things unchanged. Singapore and Bahrain, however, kept the price steady but there is an upward pressure because of demand.
In the Middle East, the new steel drum bitumen was in the range of $ 360 – $ 365 and the bulk bitumen was in the range of $ 280 – $ 285. The bulk of Singapore is volatile in the range of $ 410 – $ 420 and South Korea is currently $ 400 – $ 410. Bahrain bulk recorded 380 USD at the end of the year.
