Frustration and Confusion
Singapore and South Korea depreciate their bitumen prices in the range of $ 5 – $ 10 along with crude oil fall on Friday. On Monday, November 21, crude oil made a new low in the last 6 Months period. The market. WTI fell to $ 80.90 but it has recovered since then. It is possible to have it up to $ 83 as well.
There have been several talks about OPEC increasing production for January. The cartel has been discussing more supply for the new year. They will declare the final decision at the next meeting on the 1st of December.
Europe is also trying to fill its gas inventories before the initiation of embargoes against Russia.
The situation in Iran is still agitated as protesters are still in the streets. The internet connection has been highly restricted and when things get back to their ordinary condition is unknown. The price s of bitumen also has been increasing due to the hot competition over vacuum bottom.
Some of the traders are wondering about the different trends in Iran and some are waiting for lower prices. But the market facts show that the competition will continue for more.
In the Middle East, the new steel drum bitumen is in the range of $ 435 – $445 and the bulk bitumen is in the range of $ 385 – $ 405. The bulk of Singapore is volatile in the range of $540 – $555 and South Korea is currently $ 435 – $ 445.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.