Weekly Bitumen Report: Stability of Oil and Bitumen Markets in Late 2024

On Christmas Day, Russia had a widespread attack on Ukraine using 184 missiles and drones.

Around 2 weeks after the establishment of Syria’s new government and the reopening of many embassies, the country’s unrest began within the past days.

In the meantime, despite the optimism of Israel and Hamas about their mutual agreements, there are still some disagreements on captive swaps and Palestinian prisoners and the exit of Israel’s forces from Gaza.

During the past week, according to a report by Reuters from Singapore, the release of lower-than-expected inflation figures in the U.S. and the subsequent rise in hopes for the Federal Reserve to retreat from its strict inflation policies led to an increase in oil prices in trading on Monday, December 23, ahead of the Christmas holidays. While the outlook for an oversupply of oil in the coming year affects global markets.

Despite the decrease in trading due to the Christmas holidays, the positive market outlook in the short term, and the improvement in data related to the U.S. economy led to a continuation of price increases on Tuesday.

Analysts at FJE predict that as the activity in paper markets decreases during the holidays and market participants avoid any trading until they have a clearer outlook on global oil balances for 2024 and 2025, oil prices will fluctuate around current levels in the short term.

On Thursday, Brent crude oil reached the level of $73.

Singapore’s 180CST closed at $447. Bitumen prices in Singapore and South Korea were reported at $435 and $405, respectively.

Bitumen price in Bahrain is still unchanged at $395, after several months.

The range of bitumen price in Europe was observed at $410-440.

In the last working week of 2024, bitumen price in India did not change, and it is expected to face some declines in January 2025.

In Iran, however, the holidays due to severe cold and air pollution continue, and the increase in the dollar rate against the rial, along with the announcement of new measures for converting export currency, has resulted in the price of bitumen remaining stable within the range of previous weeks. It seems that this stability will continue at least until the first week of January.

Check Infinity Galaxy’s website for the latest bitumen prices in different destinations.

Infinity Galaxy wishes everyone a Merry Christmas.

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