More than 15,000 people have already died as a result of the earthquake that struck northwest Iran last week, followed by Turkey and Syria, with more deaths anticipated. At the same time, it led to the closing of some Turkish ports, had a big impact on energy trends, and drove up oil prices.
In addition to technical factors, forecasts for a major Russian offensive in Ukraine on the first anniversary of the start of the First World War, an improvement in China’s pandemic situation, and an increase in energy demand in China all predicted that Brent crude oil would rise to a short-term high of around 90 USD on February 9 before falling to 85 USD.
Singapore’s HSFO CST180, which had been trending downward up until February 6th, experienced a jump of about 25 USD on February 7th and 8th. Bitumen prices increased by $5 in Singapore and South Korea, recording prices of $515 and $435, respectively.
It has been reported that prices will rise in the middle of February after bitumen prices in India fell by 14.5 USD on February 1st.
Bahrain’s bitumen was traded at 325 USD for the third week in a row, and it appears that its upward trend has begun several months later.
Iran’s base price for vacuum bottom increased by 5.3% on February 4 and refineries competed for it at a rate of over 73 percent.
A significant price difference between bulk and packed bitumen was once again created by the wave of the cold season in Iran, local transportation issues, and the sharp increase in steel sheet prices.
The beginning of a few projects in North Africa and encouraging signs in East Asia were indicators that market prices were improving.
After several months of a downturn, as was mentioned in our report from last week, it appears that February can bring about a dynamic market, which will benefit exporters.
Finally, we send our best wishes for peace and better living conditions to all those who have survived the devastating earthquakes that struck Iran, Turkey, and Syria.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy.