Weekly bitumen report: Sudden Plunge of Petroleum markets

Is it Lasting?

As the concerns on the supply loosen in most markets and fears of recession build up again, crude oil had another week falling down. During the last three weeks, Brent fell by about 14 % and got the market highly stressed about its next moves.

Bitumen and petroleum products were not an exception to oil. They also had a sharp decline in most regions after observing the oil movements. Some Traders tried to enjoy the sudden low prices of the market, and some were greedier than ever for lower prices but since Monday the prices have not shown any tendency to decline more. Crude oil has also been increasing since then.

In the Middle East, the new steel drum bitumen is in the range of $ 400 – $ 410 and the bulk bitumen is in the range of $ 345 – $ 355. The bulk of Singapore is volatile in the range of $ 460 – $ 465 and South Korea is currently $ 420 – $ 430.

This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.