During 26-30 January 2026, Brent crude oil prices rose by $3.65/bl on average and fluctuated between $65.41/bl and $70.98/bl. Concerns about the potential US military action in the Middle East and uncertainties surrounding Venezuelan crude oil flows supported the crude prices.
Higher oil prices provided upward support for bitumen prices in most regions. However, the magnitude of bitumen price responses varied significantly across markets.
In Asia, bitumen demand was weak ahead of major regional holidays, including the Lunar New Year and Ramadan. Despite weak demand, bitumen prices rose alongside crude and HSFO prices.
Singapore export prices rose by $2.7/t to $360-$368/t and South Korean prices increased by $9.5/t to $357-$367/t.
Chinese bitumen demand remained weak due to limited construction activity. Domestic bitumen prices rose mainly because of the reduced availability of Venezuelan heavy crude in China. Prices in Shandong rose by $24.5/t, East China increased by $16.5/t, and South China rose by $4.5/t.
Across India, hot and dry weather kept the bitumen demand firm. Import demand for bulk cargoes remained firm, but available supply was limited. In contrast, drummed inventories were high, which weakened the import interest.
In the Middle East, despite tensions and risks from the US military threat, bitumen prices continued the upward trend because of higher vacuum bottom feedstock prices. The average bulk bitumen price increased by $2/t this week.
In Iraq, export prices increased due to tight supply and a rise in feedstock prices. Bahrain prices remained unchanged at $400/t.
In Africa, higher crude and HSFO prices pushed up import prices to West African destinations. In East Africa, drummed import prices for the Middle East cargoes rose by $5/t, but South African domestic truck prices fell due to the arrival of cheaper cargoes in Durban.
