Weekly Bitumen Report: Rising Bitumen Price by All Producing Countries

On the anniversary of 7 October, Israel’s attacks to the south of Lebanon and the Gaza Strip hiked up. Despite the wide global disagreements with these attacks, Israel keeps fighting. The Middle East tensions are strongly the main factors affecting the rise in crude oil prices.

The Milton Storm paused America’s oil and gas activities in the Gulf of Mexico. It also led to the closure of Florida Port for a while and affected the oil reserve trend of America and created positive movements in crude oil prices.

Despite the reduction of concerns about Iran – Israel tension, crude oil price did not see any significant drop in its prices. Jun Rong, the market strategist of IJ institute believes that the geopolitical tension in the Middle East will go on, however, the predictions about disruption in oil supply might become more cautious.

Simultaneously, some of the analysts announced that it is rare if Israel attacks Iran oil infrastructure and they forecast if Israel focuses on other targets, crude oil prices might significantly fall. At the same time, some other analysts believe that the market, alongside developments in the Middle East, is awaiting data related to U.S. inflation, which will be released on Thursday, October 10th.

On October 10, crude oil prices reached $77.02. Singapore 180CST was closed at $459.

Bitumen prices in Singapore and South Korea settled at $537 & $445, respectively.

In Bahrain, bitumen prices are still being traded at $395. The range of bitumen prices in Europe is $460-510.

Bitumen price in India is expected to increase by mid. October after its decline at the beginning of the month.

Following the tension between Iran and Isreal, the changes of Irain Rial against US Dollar equity, and severe shortage of vacuum bottom with an average competition of 23%, bitumen prices increased notably.

Iran bitumen prices are expected to continue in their current uptrend for the time being, and no sign of a price fall can be anticipated.

Overall, the global trend of bitumen prices among all the producing countries seems to be upward.  

To check the latest bitumen prices at different destinations, check Infinity Galaxy website: https://infinitygalaxy.org/bitumen-price-today/.

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