Weekly Bitumen Report: Various Price Directions in Iran, Europe, India, and East Asia

Israel’s war against Hamas got intensified in the populated regions in spite of the warnings of Europe and America.  On Wednesday, European Union urged Israel to end Rafah offensive “immediately” and warned that continuing it will put heavy strain on the relations between the 2 parties. Blinken says U.S. will not support Israel for the incursion into Gaza.

In the meantime, in another war, Russia could occupy 3 other regions in Ukraine.

Oil price remained almost stable during the last week despite these 2 wars and international tension. Meanwhile, U. S. Shale oil production reached its highest level during the last 6 months and International Energy Agency (IEA) decreased its prediction level about the global demand of oil in 2024, but OPEC kept its prediction of oil demand unchanged. Such disagreement reflects deep economic divides and concerns about the future of oil use in the world.

Besides, on May 14, a few hours after signing the 10-year deal of Iran- India to facilitate Chabahar port in Iran, America warned that any country having business dealings with Iran runs the “potential risk of sanctions”. In contrast, India’s Minister of Ports, Shipping and Waterways stated that this deal was an important and historic day in the relations between the 2 countries.

on May 15, Singapore’s CST180 reached 507 USD. Bitumen price of Singapore and South Korea were traded at the unchanged level of 440 and 400 USD, respectively.

The price of bitumen in Bahrain remained at 430 USD and the range of Europe bitumen prices was observed at 440-530 USD.

The price of bitumen in India decreased by about 5 dollars in the middle of May, this decrease occurred simultaneously with the current elections in India.

US dollar devaluation in Iran led to the surge in bitumen prices, in spite of insignificant competition among the Iranian refineries and stability in oil prices. It seems that the market is in a fragile condition with a tendency towards growth.

Same as previous weeks, Infinity Galaxy recommends the activists of the field to make their business decisions after having a comprehensive investigation of the market situation.

This article was written by Razieh Gilani, the export manager of Infinity Galaxy.