Fuel Hike
The US election for the House of Representatives is happening and it can have major effects on the next US presidential election and the Middle East. Republicans and Democrats are in a battle today to win the seats.
Meanwhile, fuel and bitumen prices increased in Singapore and the Middle East. Possible tensions, supply barriers, and demand outlook are the effective reasons for these sudden increases.
Crude oil and relatively petrochemicals and fuel have been increasing since there appeared some news about China’s zero covid policy changes. If the country really cancels or abates the zero covid policy, China’s demand can eventually rise and evoke prices. The news is not confirmed yet, but it has made sentiments a bit positive.
Far-right parties seem to be getting stronger in various countries. Benjamin Netanyahu is elected as Israel’s president and it can bring more tensions to the Middle East.
Supply is also restrained according to the new reports by IEA. Shortage of inventories evoked the crude oil prices to rise above 90 once again.
The bitumen market has been following the trend as crude oil and prices were upward. Demand is also flowing in the market since projects have started in many countries.
In the Middle East, the new steel drum bitumen is volatile in the range of $425 – $435 and the bulk bitumen is in the range of $370 – $375. The bulk of Singapore is volatile in the range of $570 – $575 and South Korea is currently $ 460 – $ 465.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.
