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Bitumen price weakness continue while Crude prices continue to be rangebound
Date: 29 Jun,2022
Crude prices recovered after a fall last week as disturbances in Libya and Ecuador added to the present supply constraints.
Major oil producing countries like Saudi Arabia were unlikely to boost output immediately to meet the shortfall
However markets are studying the new proposal by G7 to put a price cap on Russian oil to lower prices .
Global Bitumen prices remained stable as Crude and Furnace oil rally paused
Fear of recession put pressure on Furnace oil prices
Singapore prices remained stable while Bahrain did not revise its prices .
Iran Bitumen prices were weak after a downward revision in VB prices and a drop in overall demand for Bitumen.
Prices in Iran is also expected to remain weak due to increased supplies from neighbouring Iraq .
Indian Bitumen prices were down as with the onset of monsoon all major construction activities were suspended .
Importers holding stocks are worried about heavy losses as local Oil Refiners are expected to further drop prices by a minimum $15/ton
Global Bitumen prices continue to be mixed as demand remains subdued
Date: 22 Jun,2022
Crude oil prices started moving up after last week’s fall.Increased demand during the coming summer with tightened supplies is expected to support prices
Fuel Oil prices remained subdued as fear of recession hit sentiments and prices remained low.
Singapore Bitumen prices seemed to be stabilising at present levels as availability improved with stable demand.
China prices were also stable and expected to weaken a bit with the coming rainy season .
Iranian prices were also reported to be low with higher availability of VB against low demand .Weakness of the local currency also put pressure on export prices .
Indian Bitumen prices remained low with local Refineries dropping prices by around $26/ ton on 16th June ‘22and expected to further drop around $ 20 for the month of July 22.
Global Bitumen prices strong while Middle East prices continue to be weak
Date: 15 Jun,2022
Crude prices continue to remain strong inspite of high inflation and higher interest rates affecting demand .
Bitumen prices globally remained firm in line with crude prices.However any weakness in Furnace oil prices could directly impact Bitumen prices.
Singapore prices continue to be strong as it recorded recent highs.Demand was seen to be getting stronger and Refineries kept prices high in line with higher crude prices.
China after some relaxation in their lockdowns saw prices moving up .While demand remained strong ,markets expects prices to stabilise on higher production.
Iran prices remained weak as VB prices were dropped and the local currency got weaker.
With Demand in India falling due to monsoon traders were looking for other markets like Africa to offload their stocks.
Indian markets remained subdued due to the onset of monsoon .Traders were holding on to the prices but could not succeed as competition led to higher discounts.
Indian Refiners were expected to further decrease prices by around $ 15 / ton this week,
Bitumen prices firm supported by strong Crude and FO prices
Date: 08 Jun,2022
Crude prices were seen stabilising around $120 as supply constraints and high inflation seemed to have even out the effects
However with the Russian Ukraine war crossing 100 days and still continuing, price volatility is expected .
The onset of paving season did support Bitumen prices globally
Singapore and China saw Bitumen prices firming up .
Market felt that the increase in demand was not matched with increased production .
Also high Crude and FO prices made producers increase Bitumen prices to safeguard their margins
Iran prices were stable but traders were ready to offer some discount as volumes were down.The weakness in the local currency also put pressure on prices .
The big buyers from India lowered their upliftment as demand fell and Monsoon was expected to start soon
Indian Refiners decreased June Bitumen prices by around $37/ton.This was slightly higher than market expectations.
As demand turns weak market expects another downward revision next week.
Middle East Bitumen prices stable as Global prices firm up
Date: 01 Jun,2022
Global crude rally got fresh impetus as EU agreed to ban most of the Russian oil and China relaxed shutdowns
Higher Furnace Oil and Crude prices supported Bitumen prices globally
Singapore and China Bitumen prices were reported to be higher as Refiners had to increase prices to safeguard margins .Supply constraints also helped in prices moving up
However prices in Middle East remained subdued.Bahrain continued with the same prices while prices in Iran were a bit low
An increase in VB price did not help in Iranian Bitumen prices moving up as there was less demand and few takers on the IME.
Indian market prices turned bearish with less demand and signs of early monsoon
Markets expects Indian Refiners to reduce prices by $25/ ton for June 22
Bitumen prices continue to be weak while Fuel prices recover
Date: 26 May,2022
Crude prices remained rangebound as recession fears kept prices low while supply constraints supported prices
US cooling on Venezuela also build small pressure on prices
Singapore and its neighbouring countries saw some strengthening of Bitumen prices on reduced supplies compared to demand.
Bahrain after last week’s drop kept prices same this week.
Iranian prices were subdued as demand was poor and there was no competition seen on IME.
Prices of Bulk Bitumen quoted was more than $ 20 less but there were few takers .
India demand remained subdued with traders holding onto stocks expecting demand to improve .
But early monsoon has killed any possibility of demand revival
A further drop in Market prices are expected as Indian Refiners may drop prices by around $ 28 for June supplies
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