Oil’s Uncertainty
Bitumen and petroleum products almost had a flat market during the past days as most countries had national holidays and crude oil stayed in the same range. In Singapore, prices decreased by 20 dollars but in other regions such as the Middle East, the market experienced more competitions. In India, accordingly, the demand was floating unlike most of the markets. Price and demand stayed unchanged in other regions since traders do not know what to do next.
The situation is getting very difficult for the market participants since they can’t evaluate the consequences of their decisions. Crude oil is at a risky range where some believe will go rocketing and some expect a severe fall. It will take time to see the direction of oil considering the fears of recession and hopes for improvements.
In the Middle East, the new steel drum bitumen is in the range of $ 435 – $ 445 and the bulk bitumen is in the range of $ 355 – $ 365. The bulk of Singapore is volatile in the range of $ 480 – $ 490 and South Korea is currently $ 420 – $ 430.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
