Recycled Oil Demand Hit The Market Ambiguity

Price fluctuation is still dominating the market and has made a vague situation for traders and refineries. These sudden changes have confused even market analysts. As Infinity Galaxy reported on Monday, a part of the market expects a lower oil price to $ 65, some estimate it to rise to $75.

The unpredictable conditions of the oil market and the changes in influential factors have got segregated and people are indecisive. At the same time, there is still recycled oil demand, especially from the Indian market. A large amount of recycled oil has been traded and even pre-purchased for delivery in the Iranian New Year. Demand is expected to rise until mid-June.

Although Indian importers expected prices to fall due to the arrival of imported cargoes in Indian ports and excess supply, IOCL announced an increase in oil prices yesterday. As we predicted furnace oil to be improving in the last weekly report, it increased about $12 in furnace oil. Bitumen also rose about $6.5.

Oil market fluctuations have affected not only oil but also other oil products including paraffin. The introduction of Iran’s new customs laws has led to the holding of paraffin cargoes in the port. The market has faced a sharp rise in raw material prices and the shortage of production have persuaded buyers to wait until the situation is sensible and the Iranian holidays are over.

In the days leading to Nowruz -the Iranian holidays, – shipping charges and customs duty have increased, especially for Flexitanks. Despite the New Year in Iran and the container shortage of shipping companies, it is wiser for buyers to check the delivery time with their suppliers. Infinity Galaxy team is ready to respond to the dear customers during the holidays and wishes a good year for all.