Weekly Bitumen Report: Markets Face a Dilemma
Confusion Arises
After a month and a half of constant increase in crude oil and dependent markets, the atmosphere is now reflecting a sense of confusion and uncertainty. Crude oil is stalling at the historic level of $ 86 and the market direction is not clear right now.
Since crude oil entered the 85 dollars area, bitumen and petroleum products got into a dilemma. While they were increasing all along with the crude, they suddenly stopped. Bitumen prices in Singapore and Korea kept steady for the weak. In the Middle East, the prices decrease a little bit but there is not a serious drop yet.
In the Middle East, the new steel drum bitumen is in the range of $ 418 – $ 423 and the bulk bitumen is in the range of $ 330 – $ 335. The bulk of Singapore is volatile in the range of $ 450 – $ 455 and South Korea is currently $ 405 – $ 410.
Fuel also recorded 3 days of falling prices last week. All these happenings are giving market participants a sign of the possibility of a change in trends.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.