Demand May Increase
Petroleum products markets had lots of attention again similar to the last several weeks. Although crude oil had a slight price correction, demand didn’t stop. According to big financial organizations such as Goldman Sachs and JP Morgan, oil prices will be around 100 for 2023. Considering these projections, people are expecting higher prices in fuel, bitumen, and the rest of petroleum products.
On the other hand, the demand outlook may also grow. New reports show improved factory activity in China. This means that the 2nd largest economy is only getting ready for a jump; therefore, the demand for oil, fuel, and asphalt will inevitably increase in the near future.
On October 1, India raised bitumen prices by 11 USD. Europe and Singapore also increased prices.
At the moment, in the Middle East, the new steel drum bitumen 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 $ 520 – $ 525 and South Korea is currently $ 435 – $ 440.
