Weekly Bitumen Report: Iran Election and Crude Oil Making an Upward Trend

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The rally of Iran’s presidential election is over and as it was predicted, Ebrahim Raisi became the eighth president of Iran. The capital markets, such as the stock exchange and currency, reacted positively to this election. In long term, the national currency will most probably get stronger against the dollar.

As Infinity Galaxy reported on Monday, the top commodity traders still foresee the $100 crude oil for the next six years. Even with the threat of clean energies, it does not seem that the energy shifting happens soon. The world is not ready for change. Although some of the largest producers and refineries, including the Royal Dutch Shale, have tapering plans for oil in the coming years, we cannot expect any sudden shifting to renewables and green energies. Oil demand is expected to rise as economies of the world recover and supplies remain in check.

However, by the improvement of the COVID situation in india during the last 10 days, the market expects a significant volume of demand from late September onwards.

The upward trend of crude oil has created confusion among buyers, especially in India. The demand is low for the next two months due to the monsoon season and they expect another drop in rates in the first fortnight of July. In other countries like Singapore and China, bitumen price is following an increasing path due to crude oil increase.

The price of Iran’s new vacuum bottom was released and as was reported in last week bitumen report, the market faced a jump of at least 12$/MT.

The COVID and monsoon are still two main determining factors of a market trend in India, and demand has fallen. However, bitumen price follows its upward movement for the increasing trend of crude oil price. The market will eventually adjust itself with new prices.

This article was prepared by Razieh Gilani, the sales manager of Infinity Galaxy (www.infinitygalaxy.org)

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