Weekly Bitumen Report: Market Awaits Oil Direction

Last week, Putin was re-elected as Russia’s president for the fifth time and defended Russia’s war against Ukraine.

America announced that they would stop sending military weapons to Israel if they did not finish their attacks on Rafah.

Peace negotiations between Israel and Hamas continued with the USA’s optimism, and inflation rate of the European Union dropped unexpectedly up to 2.4%.

Maersk international shipping line declared that after the attack by the Houthi on ships in the Red Sea, they have lost about 20% of its maritime transport capacity and shipping costs of African sectors will probably increase more.

In the meantime, some sources reported that Indian refineries requested permission from the United States to import oil from Venezuela.

Besides, crude oil could not gain its uptrend as the inventories of crude oil and fuel have increased in America and dollar value was strengthened. It seems that brent crude oil will remain in the range of 82-85 USD, for the time being.

On May 8, Singapore’s CST180 closed at 509 USD. Singapore and South Korea’s bitumen were traded at 441 and 395 USD, respectively.

Bahrain bitumen price increased 50 USD and reached 430 USD, last week.

The range of bitumen price in Europe was 459-510 USD.

Bitumen price in India is likely to remain within the current range for now due to the election conditions.

Prices in Iran have remained almost within the previous range despite a 12% increase in the base price of vacuum bottom due to lack of serious competition among the refineries to purchase vacuum bottom. It seems that the market is waiting for a more accurate direction in oil prices.

The 28^th Iran Oil, Gas, Refining and Petrochemical Exhibition is currently being held in Iran, and Infinity Galaxy Company invites you to visit their booth at the event in Hall 41, No. 4110.

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