OilProducts.ir 's Analysis team: Commodity Market analysis is important to measure past events and to be able to forecast the trends in future. Bitumen Market is strongly connected to global Oil market; prices, trends, events and scarcity of resources. The price of Vacuum Bottom reflects on Bitumen prices very directly and linearly.
There are local market variables like regional conditions (like climate etc), large governmental tenders and projects etc which have big influence on the price, from the demand point of view.

The declining oil price index turned to bullish as the Asian stock markets stabilized following heavy losses in the previous session, but weak oil market fundamentals with production levels persistently above global demand kept a lid on gains. It seems the oil products and petrochemicals and polymers will follow the change in prices as the producers suffered a lot during the market shrinking period.

Bitumen market conditions and prices remained almost unchanged since Oil prices retreated this week, retracing most of the gains achieved last week, putting crude nearly back where it started before the latest rally. WTI dropped to $46 per barrel on October 15 and Brent fell under $49. The EIA reported bearish weekly figures, which depressed crude markets. Refinery inputs dropped and crude inventories shot up by 7.6 million barrels, the most in six months. The jump in storage levels renewed fears of oversupply.

Oil prices have stabilized somewhat around the $60 per barrel mark, and over the past few weeks oil has shown less volatility than what we have grown used to in the preceding six or seven months. Emad Honarparvar, CEO of Modiran Trading says: "Iran and Saudi Arabia continue to contradict in benefits from new oil prices, and this is not only about economics."