Weak Middle East Market
According to the Bank of America, Oil prices will see a better condition in the second half of 2023. They see three main reasons for this rise as below:
OPEC wants the oil price higher so they will surely tight the supply
Demand rebuilds in the world since most projects and production
Lack of response from US Shale
Two groups, one believing in a rise and one believing in a fall, are still in confusion. The trend is not really clear for them and they mostly prefer to wait a little longer.
Bitumen is also on the same side. In the Middle East, the prices decreased for several days but there was a hot market In East Asia. Asian clients are resuming their purchases to have their stacks full.
In the Middle East, the new steel drum bitumen is in the range of $ 391 – $ 396 and the bulk bitumen is in the range of $ 321 – $ 326. The bulk of Singapore is volatile in the range of $ 485 – $ 490 and South Korea is currently $ 415 – $ 420.
