Market Participants Acting On the Spot
Bitumen price dropped slightly along with crude. The prices were volatile around +5 / -5 US dollars in most regions. In the Middle East, bulk bitumen was traded for about $270 – $280 per barrel and the new steel drum was around $340 – $355. In Africa, China and Singapore the price was mostly volatile in the same range of +5 / -5 US dollars.
Freights increase is still an issue for traders. CFR prices are volatile, and they have various rates every day. The rising pattern of freights has distressed the market. Jebel Ali congestion is still a burden to the vessels and one of the increased reasons for the freight rates. Some of the traders are also waiting for their cargoes as the shipping time is delayed for many ports.
Crude oil had a red week after some news about the possibility of tapering and covid increase. However, it opened at higher prices on Monday 24 August. The rising pattern might be just the effect of hoping for not initiating the tapering policies after the anxiety of the US government for covid resurgence and not promising reports on the expected inflation.
The covid delta variant is spreading faster than the former mutations of the virus. The US has reported more cases during the week. Several countries such as East Asia, Thailand, and Iran are under lockdowns as the virus outbreak is getting more powerful. China inspected some new cases of covid 2 weeks ago. After testing all the citizens and suitable medical services, they succeed to get the covid cases to zero once more.
