In the Middle East, prices increased by 55% during the last week compared to the base price. The market is not yet adjusted to the quick changes. Currently, the new steel drum of the Middle East is in the range of $ 425 – $ 435 and the bulk bitumen is fluctuating in the range of $ 340 – $ 350.
Singapore bulk prices are volatile in the range of $ 55 – $ 565 while South Korea is fluctuating in the range of $ 500 – $ 505. Both markets are crucial to the pricing of Asia. Singapore is somewhat of a global benchmark for all bitumen markets.
India is worried about the validity of its decision to decrease the prices at the onset of October. The country might increase the price by $15 in mid-October.
China’s economic conditions are very fragile. Experts believe that the economic outlook of the country is very unclear for the next couple of years.
Russia and Ukraine have been sparked once again after the explosion of Kerch Bride. It was the main route linking Russia to Ukraine through Crimea. Russia has now stated that the country will initiate an attack as vengeance.
The war is just worsening the energy condition of Europe. The gas and energy crisis is now troubling even European countries such as Germany which thought would be more immune to the danger.
The US is trying to improve the crude situation by releasing SPR and loosening sanctions on countries such as Venezuela.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.