During 9-15 February 2026, Brent crude oil prices increased by $1.40/bl on average to $67.62-69.97/bl. Geopolitical tensions in the Middle East continued to push oil prices higher. The increase occurred despite ongoing discussions about Venezuelan crude flows returning to global markets.
The higher crude prices supported bitumen values in most regions, although bitumen price trends also depended on weather and holidays.
Bitumen demand across Asia was generally weak. Lunar New Year holidays kept the demand weak in countries like China and Malaysia. Cold weather in northern Vietnam and Indonesia further limited road construction activities.
Singapore export prices declined slightly by $3 to $355-365/t before the New Year holidays. In contrast, South Korean export prices increased by $2/t to $367-378/t after the conclusion of a tender.
In China, demand weakened significantly before the Lunar New Year holiday. Domestic bitumen prices fell in Shandong to $463-468/t but remained stable in east China at $435-455/t and south China at $413-416/t. Meanwhile, Venezuelan crude supply disruptions led Chinese bitumen producers to search for alternatives.
In India, import demand remained strong for the Middle East-origin cargoes, but buying was limited by raising concerns due to US sanctions and the seizure of a few tankers in India.
In the Middle East, vacuum bottom feedstock prices rose by 34%, causing bitumen producers’ demand to drop sharply. Bulk export prices declined slightly by $0.50/t to $295-310/t despite higher feedstock costs. Demand for jumbo bags and flexi tanks was muted because of new year holidays in China and Southeast Asia.
Bahrain’s prices remained unchanged from the previous week at $550/t. Iraqi export prices continued their upward trend due to limited raw material availability and higher fuel oil prices.
In Africa, West African road construction activity remained strong, particularly in Nigeria. West African import prices increased by $7/t due to higher HSFO prices. East African import prices declined by $1/t to $459-469/t despite firm demand in Kenya and Uganda. In South Africa, domestic truck prices remained stable, and rainfall dampened construction projects.
