Weekly Lubricant Report: Fragile Stability in the Market

Oil prices in the second half of November 2022 decreased compared to the first week. During the first week, the price amounted to $95 while during the second week, it was $93.

After the Republicans failed to take over the majority of the Senate in the United States, and the announcement of Trump's re-candidacy for the presidency of the United States in 2024, the markets did not react positively to these news, and oil prices continued to fall compared to the first week of November. .

On Monday, November 14, fuel in Singapore and the Persian Gulf also closed negative compared to last week's average.

China's reports regarding the fact that China has changed its zero-covid policy have not shown much improvement in China's economic conditions in statistical reports from China.

After two Russian missiles on the border of Russia and Poland, it seemed that the tensions between NATO and Russia would rise, but until this moment, new reports and new impact on energy prices and other things have not been seen.

On November 15, India increased the price of its oil products, and until this moment, the price of bitumen has increased by 26 dollars, but no new report has been obtained regarding fuel and other matters.

Traditionally, with the beginning of the cold season in the Northern Hemisphere, the price of fuel should increase, but so far this price increase has not been seen in Persian Gulf fuel.

The price of caustic soda FOB Bandar Abbas due to very high demand is about 770-780 dollars with long delivery, paraffin is about 1200 dollars FOB Bandar Abbas and recycled base oil FOB Bandar Abbas is 810.