Restrained Geopolitical Tensions
Bitumen and petroleum products are under the dominance of crude oil and they are experiencing lots of fluctuations because of the vague situation. Geopolitical tensions and economic fear are the main players in the markets. The temporary Israel–Hamas ceasefire helped the market to hope for a calmer region. It’s not clear if the ceasefire continues or not.
Demand is flowing in the market but participants are mostly waiting to see how the condition changes. They hope for a more stable situation to start their purchases. However, the running projects still need material and they are buying their necessary quantities.
Brent’s forecasts do not show a very stable and promising future yet. The purchasing power is not significant for this week either but analysts are not totally disappointed too because the current fundamentals are very complex.
In the Middle East, the new steel drum bitumen was in the range of $ 374 – $ 379 and the bulk bitumen was in the range of $ 289 – $ 294. The bulk of Singapore is volatile in the range of $ 480 – $ 490 and Bahrain is currently $ 400.
