Oil and War Tensions
Most of bitumen and petroleum products were again uncertain in different regions. There are many financial and Geopolitical tensions affecting prices. Most of these factors are opposite; therefore, expects can really foresee the direction of prices. The complexity of the situation is harsher in some regions such as the Middle East.
Bahrain bitumen prices decreased by 15 USD and settled at 400 USD. India also entered Diwali Holidays and they will have a stagnated market for a while. East Asia had a stable market and didn’t have any changes. Europe experienced a bit of a drop in the prices. Movements are mostly seen in East Asia and East Africa. Ivory Coast also decreased by a little. Iran, as mentioned above, has experienced more tensions. The price changes are still unclear and traders don’t know the directions.
Crude oil has a similar condition too. Last week, it had a sudden drop after a neutral speech by the Hezbollah Leader. The war is slightly slowed down but it is still going on in the region.
In the Middle East, the new steel drum bitumen was in the range of $ 399 – $ 406 and the bulk bitumen was in the range of $ 315 – $ 320. The bulk of Singapore is volatile in the range of $ 520 – $ 525 and South Korea is currently $ 415 – $ 420.
