Weekly Bitumen Report: Factors Affecting Bitumen Price are in Line to See an Upward Market

As it was mentioned in last week report of Infinity Galaxy, the New Year started with a calm before the storm. Although many of the readers did not agree with this prediction, it came true by frequent and heavy competitions among the refineries, surge of oil price, and other factors that will be discussed here.
Omicron variant is still spreading all over the world specifically India, and the third wave of COVID-19 can be expected there, but fortunately, by the start of booster vaccination, the number of death cases are insignificant.
Within the last 3 days of preparing this article, the exchange market experienced a downward trend in Iran and each US dollar fell to the channel of 280,000 Rial that can be due to release of 2.5 billion blocked dollars of Iran in Iraq and intervention of South Korea in JCPOA negotiations.
IME increased base price of vacuum bottom up to 10.11% and considerable competitions were observed in Iran during the New Year holidays of 2022.
Singapore also increased its bulk prices up to 20 US dollars per ton on 4 Jan. 2022.
As a result of the soar of Omicron cases, OPEC+ agreed oil output hike from February 2022 instead of 2 January, and oil price increased accordingly. At the time of preparing this article, Brent Crude Oil touched its channel of 81 US dollars.
Overall, the determining factors of bitumen price indication are in line with each other and the only concern can be the Omicron variant, and if this factor is controlled, then there would be no reason to see any fall of rates in the market.
This article was prepared by Razieh Gilani, the sales manager of Infinity Galaxy (www.infinitygalaxy.org).

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