Start of 2023
Oil started the year at the price level as the same as the first days of Russia – Ukraine war. Bitumen and fuel were a little weak and confusing as well. Last week, fuel experienced a fall of about $ 30 but it ended Monday, Jan 10, with an increase of $ 10. Bitumen prices in Singapore were almost in the same range as at the end of December.
In the Middle East, prices had a bit of an increase as there was a growth in vacuum bottom prices. Demand is very mixed but there are cargoes getting out to India, Africa and Eastern Asia.
Crude oil and the global financial outlook are not clear for the market. Several hope for an improvement in China’s future. If China comes back to the market, demand will be increased greatly but there is no sign of a comeback. Covid is spreading throughout the country.
In the Middle East, the new steel drum bitumen is in the range of $ 380 – $ 390 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 $ 385 – $ 390.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.