Weekly Bitumen Report: Power of Crude and Political transformation

[vc_row][vc_column][vc_column_text]Weekly Bitumen Report: Power of Crude and Political transformation 

Crude oil fluctuated in the channel of $70-$75 during the last week. In the last 250 days, oil price followed an upward trend as well. Based on the technical analysis, the current channel is very strong, and there is no sign of price drop yet. In September, the market may even experience $78 oil.

Saudi Arabia and UAE disagreement in OPEC reduced oil price about 1.5$ temporarily, but it does not seem to affect the market significantly.

In the last two days, the USA released 7-10 billion dollars of Iran blocked properties in Korea and Japan which led to the decrease of USD value against Rial in Iran. Following the dollar devaluation, bitumen prices increased up to 5-10 dollars.

The supplied vacuum in Bandar Abbas was about 40,000MT. The refineries purchased 39,500MT. It seems to be an acceptable quantity for the season considering the market situation, monsoon in different countries, and huge sales of Iraqi products.

There will be an almost one-week holiday in Dubai within the next week due to Eid al Adha, and after that, by the start of the new Persian month, vacuum bottom will face a small jump.

The market of Africa is expanding by the current road construction projects, and it seems that by the fall of the market as a result of monsoon time, the African buyers are willing to purchase their required materials.

The shipping lines have not reached any certainty about the new applicable freights. Their indecisiveness can cause too many losses to their buyers. The sudden increase of ocean freights without prior notice and confirmed bookings will have destructive effects on the market.

According to the latest announcement of Bharat Petroleum Corporation, bitumen price increased 390 INR ex-work Mumbai refinery on 15 July.

Iran is under the influence of its political transformations at the moment, and many changes are possible within the next three weeks and the assignment of the new government. However, the export market enjoys relative stability of the rates.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_js]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[/vc_raw_js][/vc_column][/vc_row]