Weak Middle East Market
According to the Bank of America, Oil prices will see a better condition in the second half of 2023. They see three main reasons for this rise as below:
- OPEC wants the oil price higher so they will surely tight the supply
- Demand rebuilds in the world since most projects and production
- Lack of response from US Shale
Two groups, one believing in a rise and one believing in a fall, are still in confusion. The trend is not really clear for them and they mostly prefer to wait a little longer.
Bitumen is also on the same side. In the Middle East, the prices decreased for several days but there was a hot market In East Asia. Asian clients are resuming their purchases to have their stacks full.
In the Middle East, the new steel drum bitumen is in the range of $ 391 – $ 396 and the bulk bitumen is in the range of $ 321 – $ 326. The bulk of Singapore is volatile in the range of $ 485 – $ 490 and South Korea is currently $ 415 – $ 420.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
