Political and Economic Tensions
Bitumen market is struggling along with crude oil. Oil prices are still flatline since bullish and bearish factors are counterbalancing. Brent is keeping below 85 USD. The most important dominators are political and economic issues.
US Central Bank is now more certain about the inflation. According to Jerome Powell, interest rate cut is ‘not far’. Traders are looking forward to seeing the cut in June now.
Gaza war is also a main concern for all traders because the fate is not clear. News sometimes talk about a nearcoming truce and some believe in growing tensions.
Another effective factor in the economy is the US election. Frontrunners are now identified as Trump for Republicans and Biden for Democrats.
In Iran, bitumen prices are under pressure from currency exchange rates and exports. Singapore had a 10 USD decrease and Bahrain was stable.
In the Middle East, the new steel drum bitumen was in the range of $ 360 – $ 365 and the bulk bitumen was in the range of $ 280 – $ 285. The bulk of Singapore is volatile in the range of $ 410 – $ 420 and South Korea is currently $ 400 – $ 410. Bahrain bulk recorded 360 USD at the end of the year. You can contact me for more information or bitumen inquiry, Click here.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
