Weekly Lubricant Report: The Market is Waiting to Move Forward after the New Year Holidays

World economies did not experience significant events in the first week of January 2023, and the major energy markets remained closed for almost four days. Brent oil prices closed at 85 dollars at the end of 2022 and reached 82 dollars in 2023.

There are two main possibilities in the market:

1. Increase in Corona , people’s involvement with Corona in China and other countries, and the reduction of Brent oil prices
2. Keeping the price of oil in the channel between 80 and 85 dollars

But for now, no specific evidence has been published in the past few days.

In Iran, the price of caustic soda reached about 800 dollars FOB Bandar Abbas, the price of paraffin wax is in the range 980 to 1020 dollars and the price of recycled base oil decreased and reached 720 dollars FOB Bandar Abbas due to the increase in the parity of the dollar against the Rial.

More inquiries and better conditions in the market are expected in the second week of January.

This article was prepared by Mozhdeh Darbandizadeh, the account manager of Infinity Galaxy (www.infinitygalaxy.org).