Bitumen and fuel had an improved market last week. Since crude oil could be steady on the predicted channel of 80 USD. Market participants were much delighted to see some stability in the market after a long period of uncertainty.
Honestly, none of the risk factors has been gone by now. Inflation and fear of a coming recession are still flowing in countries. China’s covid is not clear in the number of cases and deaths but experts believe that it has the danger of an outbreak. The Ukraine war and Russia’s position in the conflict are also effective on the supply.
Considering all the factors, financial institutions and economists have foreseen crude in the range of 70 – 90 in 2023. But there are surely many flections meanwhile.
Bitumen and petroleum product traders have been more hopeful about the increase in prices since they had more stable oil. There was more competition over the vacuum bottom in addition to a shortage of VB. This can drive the price even higher.
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 $ 310 – $ 320. The bulk of Singapore is volatile in the range of $ 500 – $ 505 and South Korea is currently $ 420 – $ 425.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.