Weekly Bitumen Report: Trump’s Re-entry to the White House, Main Stimulus of Market

On January 20, Donald Trump took an oath as the U.S. president and started his plans immediately. The day before his inauguration, 3 Israeli captives were swapped with 90 prisoners of Hamas, and a temporary ceasefire commenced.


After being sworn in as President of the United States, Trump did not miss the opportunity to use his authority to act on various political priorities and quickly issued executive orders. His actions covered multiple issues, from immigration and climate change to pardoning individuals who had been convicted in connection with the Capitol riot in 2021.


In his inauguration ceremony, Donald Trump mentioned that he is planning to increase U.S. oil extraction to make the U.S. a country independent of oil import and an oil exporter. As a result of this speech, crude oil prices fell from $82 to $78.


Besides, Trump made his decision to implement an import tariff of 10% for Chinese imported goods and 25% for the goods imported from Canada and Mexico.


In his latest speech, Trump tells Putin to stop this “Ridiculous War” or to bear further sanctions.
Overall, during the last week, the markets of commodities and energy were affected by the power transfer in the U.S.


On Thursday, January 23, Singapore’s 180CST closed at $491.
Bitumen prices in Singapore and South Korea settled at $420 and $415, respectively.
The price of bitumen in Bahrain still remained within the range of $395, while the price of bitumen in Europe is trading between $430-480.


Bitumen consumption in India reduced due to snowfall in the northern regions and the prices will probably remain fixed in the South and Southeast of India on February,1.


In Iran, vacuum bottom competition among the refineries is going on and bitumen prices did not observe any significant changes despite the rise in US dollar value against the Iran Rial.


It seems that most markets are influenced by Trump’s decisions and are awaiting his future plans.

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


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