Commodities Uncertain Sentiment
As you might also know, last week, the war between Russia and Ukraine heavily affected commodity markets around the world. To be more specific, Crude oil prices have skyrocketed to $135 as the United States imposes official sanctions on Russia’s oil, gas, and coal. Russia’s threat to stop gas exports to Europe has heightened suspicion that oil prices will rise further to $200. In the third week of the Russian-Ukraine War, crude oil fell by about 11.92%. H. $112 as a result of possible negotiations between the two parties for an agreement.
The war and its impact on the bitumen and oil market
The complexities of the world due to this war will lead to unprecedented international inflation and an increase in all general spending. This is affecting the transportation industry and as of March 14, 2022, shippers will be charged an additional BAF fee in addition to the applicable sea freight (Jebel Ali and Via Jebel Ali: TEU and NHS / $62 per Mundra / Kandla: $80 per TEU), per TEU), and the highest sea freight records have been observed in recent weeks. On the other hand, the competition in the vacuum was about 1224% among Iranian refiners. Refineries are usually involved in maximum production capacity during this time. However, refiners and trading companies seem to be busy fulfilling their old promises.
Singapore’s bulk bitumen set a whole record of $560 on Wednesday, and India is expected to rise another $30 on March 15. Aside from international complexity, Iran and 5 + 1 countries seem to have reached new conclusions within a few days before Nowruz began in Persian-speaking countries. Therefore, the value of the US dollar to the real is: With the lowest reach. The dollar’s depreciation, buyer concerns, oil surges, and international inflation have weakened customers’ purchasing power, marking the beginning of the “inflationary stagnation” warned by our analyst. Overall, bitumen market players focus on spot freight, as market trends may not be predictable until the Russian-Ukraine war, post-COVID situation, and other crises are assessed.
This article was prepared by Shirin Yosefi, the Content specialist and market analyst of Infinity Galaxy.
