Weekly Bitumen Report: Sustaining Bullishness In Crude and Petrochemicals
Quick Growth
The Bitumen market is lively more than ever in the last 3 months despite several traders believing it would have been a temporary trend. It is about 3 weeks that bitumen is set to increase and it is surprising market participants. Other petrochemicals, such as base oil, recycle base oil, and paraffin, had a similar situation with less momentum and speed.
Crude oil is definitely a prominent support for all petroleum products since it has been strongly growing. The price is already above 85 USD. However, it is nearing a critical level with a history of rejection. The strength is now very likely to break through the level but it is wiser to get confirmation for a valid break.
Iran’s competition over the first material continues, therefore; more pressure is affecting the market. Prices have increased not only in Iran but also in India, Singapore and Europe. Bahrain and Spain increased their prices after a long time of stability. India also increased the price by 23 dollars on the first of August.
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.