Conflicts of Ideas
Crude oil prices, as reported in last week’s bitumen review, decreased throughout the week. Economic news reports, China’s demand obstacles, and the confusing atmosphere of the world boosted the fall. Crude oil almost retreated about half of the growth it had in the week before.
Bitumen markets, on the other hand, showed no intention for depreciation. In the Middle East, traders observed an average of 48% competition during the last two weeks. The competition does not agree with the situation of crude oil changes but market participants seemingly have no intention to stop.
The new steel drum bitumen price, in the Middle East, is currently volatile in the range of $ 410 – $ 420. The bulk bitumen is fluctuating in the range of $ 335 – $ 345.
Singapore’s fuel price had a sudden $ 18 drop on 17 October despite no changes in the oil price. Singapore bitumen, followingly, decreased by $ 5 yesterday but it was not noticeable compared to the oil price changes.
Prices were almost steady in most regions, for instance, Bahrain kept its bitumen price stable for another week.
The fears of a recession are again intensified by reading the new economic reports in various countries. The dollar is getting stronger every day and it puts export/import marketplaces in danger. China is also struggling with all the troubles by the zero covid policy. The country’s demand is very low compared to pre-pandemic years. It might worsen by extending zero covid for the first half of 2023.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.