Bitumen and other petrochemicals have been moving along crude during last week. Crude rocketed high when market sentiment turns out against the dollar and oil supply. Simultaneously, bulk bitumen recorded $ 345 – $ 355 in the Middle East. The new steel drum was also volatile in the range of $ 410 – $ 420 in the region.
In Europe, prices were down by $ 5 in most of the regions. Bitumen price was in the range of $ 490 – $ 500 in the Netherlands, Rotterdam. In China, bitumen price was up around $ 10 – $ 20 in most of its regions. The price was oscillating in the range of $430 – $445 in the Northern area. In Africa, prices were up about $ 5 – $ 10. Demand is also getting better in the African regions as construction projects are starting in most of its countries.
The geopolitical conflicts in Libya and UAE are getting the supply outlook dimmer. Both countries have a vital role in the global crude supply chain. Therefore, any conflict can lead to supply disruption which is not good news for the rising demand. The attacks in UAE’s capital city of Abu Dhabi by Houthi of Yemen have worried the world about supply disruption of oil in the region. However, the Abu Dhabi National Oil Company have ensured the usual supply.
The Covid condition seems to be under control in most of the countries. Lockdowns are nearly eased in most areas. Fortunately, the global dominant variant is still Omicron with weak symptoms. Experts are seeing possibilities that Omicron can be the last severe variant of Covid. If the possibility comes true, the world will get back to normal days with better demand.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.