Commodities Fluctuations
Bitumen and petroleum markets had a drop in the Middle East, and Europe after the sudden fall of crude oil on Thursday. Although the price was recovered on Friday, it couldn’t affect bitumen markets quickly. if the increase in oil continues, we can see an increase in the petroleum product markets or moderate stability. In Europe, prices experienced a drastic drop following crude movements. In Africa, and East Asia, bitumen rates didn’t have much of a change and they were almost steady. The demand of both markets is fairly strong and traders try to fulfill their project deadlines.
The economic fears are encouraging uncertainties in commodities. The US unemployment reports were not promising and it is causing stress in different markets. The Federal Reserve may not increase the interest rate again in the upcoming meeting accordingly. Market participants try to be updated by the news and act carefully.
In the Middle East, the new steel drum bitumen was in the range of $ 385 – $ 390 and the bulk bitumen was in the range of $ 300 – $ 310. The bulk of Singapore is volatile in the range of $ 500 – $ 505 and South Korea is currently $ 400 – $ 405.
