Weekly Bitumen Report: Numerous Effective Incidents and Lack of Market Direction

During the last week, Iran’s president, his foreign minister, and some other companions were killed in a helicopter crash. At the same time, Norway, Spain, and Ireland announced they were officially recognizing the State of Palestine. Poland also supported this action.

In the east of the world, Russia continues to advance in the war. In the Middle East, Hamas believes that the war has entered an attrition phase and there is no hope for peace.

Despite the wide sanctions, according to the latest reports, Russia has been still the largest exporter of crude oil to China and India during the last 3 years.

According to Reuters, America increased the number of its drilling rigs to 604. Despite some analyses of the possibility of a few dollars increase in the price of Brent crude oil for technical reasons, the price of Brent crude oil remained in the range of 81 to 83 dollars during the past week.

On May 21, Singapore CST180 reached 525 USD. Singapore and South Korea’s bitumen prices were traded at 445 and 400 USD, respectively.

Bahrain experienced another 50-dollar surge to record the price level of 480 USD. The range of bitumen price in Europe was 435-500 USD.

After the latest fall in bitumen price of India on May 15, it seems that the local markets experience fewer trades and the prices will probably remain unchanged or experience a slight fall if the oil preserves its current trend.

The base price of vacuum bottom increased 1.5 USD in Iran during the past week. However, there was no competition in Iran due to the current political situation and devaluation of US dollar against the Rial.

Despite the drop in crude oil prices, due to the increase in production overhead costs for bitumen, it seems that the price of bitumen, considering the price of oil, is at its lowest, and a slow increase in the price of bitumen is observed among the major producers such as Singapore, Iran, Korea, and Bahrain.

Infinity Galaxy team aims to assist market players to experience secure deals depending on the market situation. This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy.