A Moderate Growth of Oil
Crude oil brought some hope to petrochemicals and bitumen markets as it grew to 84 USD during the last few days. The market participants are almost divided into two sides based on fear and hope. One is looking to the future with the promising sentiment on a coming increasing trend and the other is sure about the coming fall.
Bitumen market has been very careful about its decisions lately but it did not stop the traders. Projects are running in different regions and traders are willing to feed them on time.
China’s Covid is spreading quickly in the country and the death rate has been increasing. Other countries are afraid of another pandemic and they try to restrict all travellers from China.
If the situation keeps getting worse, expected demand from China will be faded in the coming months.
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.