Weekly Lubricant Report: The Start of Cold Season and Demand Increase

On October 31, Singapore oil and fuel were traded in the markets with a slight decrease, but oil did not fall below the $90 channel. 

On Wednesday, after Yemen’s Houthis threatened to attack Saudi Arabia’s oil facilities again, the price of oil increased to $95.

It seems that the inflammatory conditions in the Middle East will lead to an increase in prices. However, it is not yet clear whether these conditions can bring oil above $100.

The November 8 election in America, which will be held to determine the seats of parliament and senate representatives, will have an important impact on the global economic conditions, and after the election of Rishi Sunak in England and re-election in China, it will be one of the important events in the next two weeks that determines many economic paths in the world. 

With the start of the cold season and the increase in demand for fuel, traditionally and technically, it was predicted that the price of fuel would increase again, but the fluctuation of oil prices caused fuel to fluctuate between 10 dollars and 15 dollars.

In the current situation, the price of recycled base oil in Iran has decreased with the devaluation of the rial against the dollar and has reached about 800-810 dollars FOB Bandar Abbas, and the price of paraffin wax has also reached about 1100-1200 dollars and the price of caustic soda flake reached around 710 to 720 FOB Bandar Abbas due to the very high demand. 

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