Crude oil started at $86 a week and reached $89 at the time of writing. Despite a fall of about $1 to $85 on Tuesday, oil market analysts have predicted no signs or risks of a fall in oil prices, which could even reach over $90 by mid-next week.
In addition, the possibility of a military conflict between Russia and Ukraine, the lack of rumors of the next OPEC meeting, and the lack of increased production, are additional reasons crude oil is likely to rise.
In fact, Crude oil trends are rising, but many exporters are still busy with old commitments, importers are busy with old rate cargo, and cheap cargo can be in many ports, especially in Indian ports.
Sold out, new prices in the market will be more specific for importers. In Iran, vacuum bottoms competed from 14% to 34% among refiners last week. It’s also good to know that the cooling of the Middle East will increase the price of bitumen as refiners will have to compete more than ever in the vacuums supplied by the increase in crude oil and the tightening of supply in the vacuums. Due to the cold weather and high demand from buyers, the refinery’s vacuum soil may run short and the bitumen price may rise accordingly. Major bitumen producers in Bahrain, Singapore, and other parts of the world have raised the price of bitumen in line with rising oil prices.
As mentioned in a previous analysis of our company, Indian refiners will face supply problems and the bitumen trend will be on February 1 unless Indian refiners increase the proportion of bitumen in the next two weeks. Respectively, it will drop by 3,300 Indian rupees (about 44 dollars).2022, which is unusual last year.
In last week’s article, there was a question about whether they would break the record price of bitumen in November 2021.
Currently, crude oil is above the level of the time, the price of petroleum products may rise, buyers are storing large quantities of cargo improperly, and buyers make suspicious offers that violate market norms.
You need to be careful. As a matter of fact, the risk of rate cuts next week is unpredictable and the bitumen market remains strong.
This article was prepared by Shirin Yosefi, the Content specialist and market analyst of Infinity Galaxy.