Cold has hit many countries in different regions hard. Demand and supply are almost disrupted since it was impossible for the trucks and vessels to move on due to heavy rains and fog. Therefore, many clients have faced delayed delivery. Suppliers need to wait for calmer weather to start over. Yet, whenever the rain resides a little, they try to proceed as much as they can.
Crude oil brought more hope to bitumen and petrochemical markets as it rose up to $ 88. It has been the 12th day of constant growth for oil and it made much more delighted about the rising price of bitumen. Yet, the market cannot say that the trend of oil is certainly rising. There should be more technical and fundamental confirmation for oil prices to say so.
Financial organizations and experts also have predicted the price of oil in the range of 80 to 90 dollars for 2023. Of course, there will be ups and downs that market participants need to adapt to.
The demand of Europe and Mediterranean regions has decreased because of the cold. In the Middle East, suppliers are also facing difficulties but demand is almost steady.
In the Middle East, the new steel drum bitumen is in the range of $ 385 – $ 395 and the bulk bitumen is in the range of $ 315 – $ 325. The bulk of Singapore is volatile in the range of $ 500 – $ 505 and South Korea is currently $ 400 – $ 405.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.