Mixed Signals Rushing to the Oil and Bitumen Market
Oil and Bitumen Market Condition
During the last week, Crude oil had another sharp decline. Brent closed at $83.79 and WTI settled at $76.53 on Friday, 25 November.
In a situation where most of the countries in the world have lifted the corona restrictions, the Chinese president still insists on the zero covid policy, and this caused massive protests in Shanghai on Sunday.
In addition to growing concerns about a drop in oil products demand in China due to an increase in coronavirus cases, political instability caused by protests also weighed on oil prices. But, bitumen markets show mixed signals in different regions. The price and demand are increasing in the Mediterranean areas while it is reducing in Asia.
Accordingly, prices in the Middle East increased when Singapore HSFO fell under $400 on Friday, 25 Nov.?
During the last week, Singapore’s bulk bitumen price reached around 510 USD, and South Korea’s bulk bitumen was 400 USD. In the meantime, Bahrain faced another week of stability in prices and its prices remained stable in the range of 425 USD. Bitumen price in India increased by around 20 USD on 1 December.
By the drop of fuel oil and crude oil price, the average competition among refineries in Iran reached from 64% to less than 50% and the exporters followed the prices in fear.
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