Bitumen prices in Iran kept rising gradually last week, despite currency market stability, a dip in the dollar against the Rial, and minimal competition among refineries in terms of VB.
In the fourth month of heightened tensions in the Middle East, Israel initiated lethal air strikes on Lebanon in response to the death of an Israeli soldier.
Meanwhile, the conflict between Russia and Ukraine entered its third year with no definitive resolution in sight.
Throughout the previous week, as the Chinese New Year holiday approached, markets in East Asia maintained a relatively stable condition. Additionally, recent data from China’s customs agency revealed that in 2023, Russia surpassed Saudi Arabia to become China’s primary oil supplier. Iran also decreased its crude oil exports to China during this period.
On Wednesday, February 14th, the WTI price dropped following news of a remarkable surge in U.S. crude oil stockpiles.
Reports indicate that crude oil reserves ballooned to 8.52 million barrels by the week ending on February 9th, a figure significantly surpassing Reuters’ estimate of 2.6 million barrels.
Suvro Sarkar, DBS Bank’s senior vice president of the energy sector, suggests that America’s greater-than-anticipated oil storage capacity has halted the upward trend in prices.
On February 14th, Singapore’s 180 CST remained steady at $452, while bulk bitumen in Singapore held firm at $435.
In South Korea, bitumen prices saw some upward movement, settling at $410, while Bahrain’s bitumen price remained stable at $360 for the week.
Across Europe, there were significant price hikes ranging from $418 to $433.
In India, the price of bitumen increased by approximately $9.5 on February 15th.
CONCLUSION
Despite relative stability in the currency market, a decrease in the dollar against the Rial, and minimal competition among refineries, bitumen prices in Iran experienced a gradual uptick during the past Week
