Weekly Bitumen Report: Dynamic Market Possibility

Last week market was almost turbulent under the influence of the perpetual determining factors:

With the spread of the Omicron variant in Europe, gradual lockdowns appeared in different countries as a result of a quick outbreak. However, the deaths rate has not been much higher.

Oil price was fluctuating in the channel of 72-76 US dollars per barrel.

Bitumen price of Indian refineries derease to 45 US dollars per metric ton, but it has not affected the potential demands of the buyers yet. They prefer to purchase their required quantity before the end of 2021. 

Like last two weeks, Iranian refineries were competing on vacuum bottom with a varying range of 8-22%. see Bitumen Price Today.

Maybe, we can say that the first and strongest player of last week was “equity of US dollar against Iran Rial” which has completely turned into a political factor. The frequent fluctuations let the market experience a wide range of rates.

Based on the latest predictions of the Economist magazine, the USA might lift some oil sanctions by the end of 2021. If it really happens, the current recession of the country will be lessened.

Compared to December 2020, the export volume decreased this year, however, the current forward movement of the market, the potential demand, and relative improvement of transportation services keep the trend of market dynamic and active.

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

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