Slow Improvement of Markets
Oil prices became a concern for traders but it started the week with a few improvements. Brent price is still in the range of $ 82 – $ 84 and WTI is staying above $ 78. The US Department of Energy has decided to refill a part SPR with WTI at $ 79. Besides the US, China shows a robust demand building. Compared to April 2023, China’s oil imports have increased drastically. As demand gets stronger, there is more chance of prices growing higher in the near future.
Bitumen markets headed slightly upward following crude oil. In Europe and East Asia, traders had some increases. In the Middle East and Bahrain, prices keep steady. India is also reluctant to change the price as it is getting closer to the election.
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 $ 440 – $ 445 and South Korea is currently $ 415 – $ 420. Bahrain bulk stayed at 380 USD.
