Export Under Pressure
Brent Crude oil has finally risen above 85 $ for the first time since September 2023. WTI has also broken through 80 $. Bullish sentiment is dominating the markets. The bullishness happened because of rising demand outlooks, and supply restraints. The weakening dollar is setting an easier set for the increase of commodities.
Bitumen markets have a constant demand following the bullishness of oil markets. The Europe market has moderate stability ( 430 – 480 USD ). In the Middle East, port congestion has been a real burden to suppliers but they are trying to keep the procedure as fast as possible. Weather difficulties are still delaying vessel movements. Iran is also at first of New Years holidays, Norouz. All these events can put more pressure on export and import of the region.
Some reports suggest more possible ease in the Red Sea area. If it happens, global trade will benefit from the opportunity.
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.
