Best Opportunity
Another week of confusion and mixed sentiments were in front of crude and petroleum products traders. Several bitumen and petrochemical traders decided to use the lucrative opportunity and make their purchases at low prices.
Bitumen demand is flowing to the Middle East from different parts of East Asia and Africa. China has also become more active in purchasing bitumen and several other petrochemicals.
Crude oil is still keeping people waiting. However, we can say that the price was moving sideways since December 2022. It was fluctuating in the range of 71 to 87 dollars. The news is also mixed and it once fell for bulls and once for bears. At the moment, there is no evidence for the price to break through the lower resistance of 71 unless market conditions change.
In the Middle East, the new steel drum bitumen is in the range of $ 372 – $ 376 and the bulk bitumen is in the range of $ 296 – $ 301. The bulk of Singapore is volatile in the range of $ 480 – $ 485 and South Korea is currently $ 410 – $ 415.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
