Is Crude Back?
Bitumen and petrochemicals prices have been decreasing following the crude oil falling prices. This fall caused the market to be happy to see that prices have got to the lowest rate in the last 3 months. Orders are flowing in eastern Asian markets and Africa and clients try to have their deals by the end of the year.
The outlook of the market is very complicated. Several clients believe that the oil is falling and there will be $ 60 crude in the markets soon. On the other hand, several experts believe that the trend of oil is still upward and these low prices are only the start of the rise.
Technically reviewing the chart also indicates a valid bottom line has been shaped for the price. We shall wait to see where it really heads to.
Fuel volatilities were a lot during last week. The overall trend was downward but it had some days closing with growth around $ 10. On Monday, the price was also falling.
In the Middle East, the new steel drum bitumen is in the range of $ 395 – $405 and the bulk bitumen is in the range of $ 355 – $ 365. The bulk of Singapore is volatile in the range of $ 490 – $ 500 and South Korea is currently $ 370 – $ 375.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.