Weekly Bitumen Report: Are All Things Set For A New Jump?
Stronger Market
Hot competition in the Middle East over vacuum bottom continues leading to higher prices in the region. Interestingly, the prices didn’t give up the growth even though some traders decided to deny the reality that the rates are going up. At the moment, market participants prefer to make their purchases sooner than new increases.
The crude oil rising trend was also a very effective factor in petrochemicals and bitumen prices. It is currently experiencing a pullback from the important resistance at 86 $; however, we should see how the week is closed.
Fuel also followed crude all the way last week. Singapore fuel increased almost on a daily basis and it made the market more confident about the rising trends.
During last week, in the Middle East, the new steel drum bitumen is in the range of $ 433 – $ 443 and the bulk bitumen is in the range of $ 350 – $ 360. The bulk of Singapore is volatile in the range of $ 460 – $ 465 and South Korea is currently $ 405 – $ 410.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.