Weekly Bitumen Report: Will the Record of Bitumen Price in November 2021 be broken?

Observing last week’s happenings, maybe it can be said that now the main concern of traders and importers is whether the bitumen price will touch the same price level of Nov. 2021.

The tournament of crude oil seems to continue non-stop and brent touched its highest level after the attacks on the outskirts of Abu Dhabi by the Houthi movement in the last 7 years. Other reasons for such unprecedented record can be geopolitical risks like “the crisis between Ukraine and Russia “and “the explosion in Kirkuk-Ceyhan pipeline”. The entities like OPEC and International Energy Agency as well as the analysts of oil and commodity markets are expecting the channel of 100 US dollars for crude oil too.

With the improvement in nuclear negotiations and flexibility of both sides, the market of exchange rate is still experiencing a downward trend.

Competition of vacuum in Bandar Abbas up to 27.6% was observed on 17 Jan. 2022, and as it was predicted by Infinity Galaxy within the last 4 weeks, the surge of bitumen price was significant.

Based on the abovementioned facts, it can be stated that the concern of some traders and buyers does not seem to come true, as the reason for the sudden fall of rates in Nov. 2021 was the outbreak of the Omicron variant and its fears as an unknown variant, at that time oil price dropped 20% in less than 10 days but it did not break out in Asia considerably as people are still involved with the Delta variant and that is why comparing to the USA and Europe, the number of cases is significantly lower in Asia.

Indian refineries should adjust Indian bitumen rates with the global market and a jump of around 3,000 INR is predicted by 1^st Feb. 2022, as Singapore and Bahrain have both increased their bitumen rates as a result of crude oil status. It is expected IME will also announce a new base price of vacuum bottom with a salient jump and there is not any serious threat to see fall of rates in Iran. It can be concluded the current range of Crude Oil will remain stable and valid and this current range of bitumen prices in Iran will continue.

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

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