Weekly Bitumen Report: Pfizer Approval by FDA Survived Crude Oil

 The last week’s assumption of Infinity Galaxy about “any sudden increase/decrease of rates is expected, and we still recommend the “Spot Purchase” as the best applicable strategy in the current market” came true during this week.

In Iran, vacuum bottom faced a drop of about 4.9% which was almost neutralised by the implementation of GRI. Besides, the downward trend of crude oil continued till Tuesday and it was predicted to touch the level of 61 US dollars but it was recovered upon the approval of Pfizer by the FDA and till the time providing this report, crude oil reached 71 US dollars.

These changes were desired by the buyers who thought their old purchases were turned into loss and at the same time, the buyers who expected a drop in rates did not succeed in this race.

On the other hand, the issue of congestion in Bandar Abbas and Jebel Ali and delays of the shipping lines to release containers brought about several extra charges like demurrage, terminal charges, etc. The shortage of material in some of the destination ports rose the demands of buyers too.

The fear of Utah, Delta, and Lambda that had led to a decrease in air travels and extend of lockdowns subsided by the approval of Pfizer efficiency.

It is heard that Indian refineries will decrease bitumen price by 800 – 900 Rupees on first September. Concerning recovery of crude oil, end of monsoon, and increase of shipping costs, it seems that the fall of rates will be either moderated or recovered within the next weeks.

The cabinet of the new president of Iran was formed and 18 candidates out of 19 ones were elected as ministers by the Parliament. Based on some sources, the possibility of releasing blocked dollars of Iran is expected that can result in the drop of US dollar value against Rial.

The world is facing confusion because of the acceptable growth of vaccination in India as well as its slow speed in some other countries and the outbreak of new mutations.

In such a fragile market, the suggestion of Infinity Galaxy as a leading supplier of this field is to still obey the “Spot Purchase” strategy.

This article was prepared by Razieh Gilani, the sales manager of Infinity Galaxy (www.infinitygalaxy.org).

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