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Crude touches seven week highs but Bitumen prices remain low
Date: 18 May,2022
Easing of China’s lockdowns supported crude prices as it started moving to seven week highs .
Prices of Furnace Oil continue to remain weak as demand continue to falter
Bitumen prices in Singapore got some support on supply constraints while in China prices moved up on demand improvement.
Prices in the Middle East were down with Bahrain dropping prices by $20/ ton
Iran prices were down in view of the downward correction in VB prices and slack demand noticed on the IME.
The Iranian currency also turned volatile and weak putting pressure on Bitumen export prices
Indian Refiners increased Bitumen prices by around $ 3/ton as the Rupee weakened against the US $.
Market expects the local Refiners to decrease prices by around $ 20/ ton for June supplies
Bitumen prices remain slightly weak on subdued demand
Date: 11 May,2022
Crude prices fell by around $ 5 this week as high inflation with increased interest rate and lockdowns in China raised doubts about future demand
OPEC + decision for a modest increase in production did not affect markets but Saudi Arabia’s proposed drop in June crude prices affected sentiments
Bitumen prices in Singapore and China were slightly strong but demand remained low raising doubts of further increase in prices
There were no change in Bahrain prices reported
Iran the biggest exporter of Bitumen in the region also witnessed less demand leading to less activity on the IME.
While traders were keen to keep prices stable but deals were reported on slightly lower prices
Indian Refiners reduced prices by around $10/ton on the 1st of May and expected to go for a marginal or no change for the coming fortnight
Demand in India remained subdued and with the coming monsoon traders are moving to sidelines and not processing big orders
Bitumen prices stable with some weakness as Demand worries weigh on markets
Date: 04 May,2022
Crude prices slipped as China lockdowns due to COVID spread put pressure on prices .
However the possibility of an EU ban on Russian cargo kept prices to recover after every correction
A fall in Fuel Oil prices last week kept pressure on Bitumen prices and if the fall continue then market believes that Bitumen prices might see some further correction .
Bitumen prices in Singapore and China got some support but markets were not sure of its continuity.
Iran prices were stable with some weakness as supplies over-strip demand with no competition seen on IME.
Market expects some support as VB prices were increased and if demand improves one might see strengthening of prices
In India demand remained subdued with state governments not releasing funds and port authorities continuing stricter scrutiny of documents.
Indian Refiners reduced prices by $10 in May and expected to resort to minor revision for the second fortnight of the month .
Oil prices fell to a two week low with Brent trading below $100 on fears of further lockdowns in China .
However prices recovered after Chinas central banks pledge to support the economy hit by renewed COVID -19 curbs .
Bitumen prices remained stable as Refiners tried to balance FO and middle distillates with Bitumen to maximise margins
Singapore prices remained unchanged but in China some weakness were reported due to COVID shutdowns
Iran bitumen prices moved up due to an increase in VB prices but the increase was marginal
Traders expect a further increase in bitumen prices if demand improves in the coming days
Indian market Bitumen prices saw a slight dip as demand did not rise as per market expectations.
Indian Refiners might drop prices by $10 for May supplies.
Restrictions on imported bitumen continued in some states despite representations by customers
Bitumen price rally continue as crude prices at 7 year high
Date: 02 Feb,2022
Crude prices continue to rally with Geopolitical tensions continuing and supply constraints supporting prices
However markets are watching the OPEC + meet to look for some additional release of production quotas
Bitumen prices continue to rally as Refineries increase prices to match increase in Fuel oil and Crude prices
Singapore and China prices continue to fall In line with high global prices
Iran prices jumped last week as VB prices continue to rise .
Severe cold winter is increasing competition as Refiners may reduce VB production to make more fuel oils
Prices are expected to touch yearly highs if the situation continues.
Meanwhile Indian Refiners disappointed Importers by increasing the local bitumen prices by only $38 while increasing Fuel oil prices by around $ 58
Demand remained subdued in India with severe winter continuing in northern India leading to stoppage of work
Bitumen prices rally backed by higher energy prices and improved demand
Date: 12 Jan,2022
Crude oil crossed $82 as supply constraints continue and the markets do not expect Omicron virus to disrupt global economic recovery
A weaker US dollar is also supporting prices but this reason may be short lived as US Fed embarks on interest increase
Global Bitumen prices contribute to rally as demand picks up and Crude prices continue its uptrend.
Bitumen prices in Singapore and China also moved up as demand continue to pick up .
However virus spread in China and the coming lunar holidays might turn out to be a dampener.
While market expected Bahrain to increase the prices in line with energy prices but till now there has been no confirmation.
Prices in Iran continue to rally as increased VB prices ,a stable currency and improved demand pushed prices up
Markets expects Bitumen prices to continue its rally as overall demand improves.
Meanwhile India imported around 338000 tons of Bitumen in December 22 a little over 74000 growth compared to last month
Indian market prices have started moving up in line with global prices .
However Indian Refiners are not expected to revise the listed price upwards this coming fortnight.
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