Ukraine – Russia Planning a Major
Russia is preparing a significant offensive as the year-long conflict between it and Ukraine approaches.
According to the minister of defense for Ukraine, Russia is getting ready to commemorate the first anniversary on February 24 with a force of about 500K conscripted soldiers.
In addition to the significant loss of life, this incident may trigger a global spike in the cost of fuel and crude oil.
The OPEC+ Supervision Committee
An additional wave of nationwide strikes in Britain was sparked by the unheard-of inflation in England. Since 2011, this strike has been the largest in England, and it will have a significant impact on global supply chains.
The first OPEC Supervision Committee gathering of 2023 took place on February 1. The members thought it unlikely that the production portion would change or increase, and most likely, OPEC will stick with the decision that was reached in October 2022.
HSFO CST180 – Singapore Bitumen
Although Singapore’s HSFO CST180 experienced a steep decline in the final two days of January, reaching a low of 25 USD, it rose by 5 USD on February 1 and closed at 505 USD.
Bulk bitumen from South Korea rose by 5 USD to 425 USD.
For the second week in a row, bitumen in Bahrain was traded at 325 USD.
Despite the Iranian rial’s significant depreciation against the US dollar, bitumen prices in that country showed signs of improvement because refineries in Iran competed for customers by more than 66 percent on the vacuum bottom. The delivery of cargo to the southern ports was delayed in the interim by problems with internal transportation in Iran brought on by the cold weather and other issues.
However, the previously announced GRI notice by the shipping lines has not been finalized, which may be due to the lower export rates than in previous years.
Conclusion of the situation for the coming week
For the third time in 2023, bitumen prices in India fell by 14.5 USD. It has been reported, though, that prices will rise in the second half of February.
Although it currently appears that the market is not in line with the export season, exporters anticipate a more promising market in February.
