Golden Energy Market Intelligence — September 2026
Asia’s bitumen market is showing clear signs of tightening, with supply constraints in Singapore pushing PEN 60/70 prices to their highest level in five months. At the same time, major inventory movements in Fujairah are highlighting how quickly the wider refined-products market is shifting across the Middle East and Asia.
Singapore bitumen prices rise as supply tightens
According to S&P Global Energy / Platts, FOB Singapore PEN 60/70 was assessed at USD 660/MT on September 11, 2026, the highest level since April. The main driver has been restricted refinery output linked to limited availability of suitable heavy crude feedstock, as well as specification-related production issues at some regional refineries.
The supply pressure is visible in export data as well. Singapore bitumen exports for the April–August period were reported at 430,511 MT, down 62.5% year on year. August exports were particularly weak, falling to around 68,358 MT, significantly below the same month last year.
Market participants cited by Platts have indicated that if feedstock constraints continue, regional prices could remain firm and potentially move higher. Demand from infrastructure markets across Asia and Australia is also supporting the market as buyers compete for fewer spot cargoes.
Heavy crude availability remains a key risk
The current bitumen squeeze is closely linked to the crude slate available to refiners. Bitumen production requires suitable heavy crude feedstock, and shortages can force refiners to prioritize other heavy-end products such as fuel oil. This means the bitumen market is now increasingly sensitive not only to construction demand, but also to crude availability, refinery economics and freight conditions.
For buyers in the Middle East, South Asia and East Africa, this environment puts greater emphasis on securing cargoes early, confirming logistics in advance and maintaining flexibility on origin where specification permits.
Fujairah oil inventories jump sharply
The broader products market is also moving quickly. Separate S&P Global / Platts data published on September 23 showed total oil product inventories at Fujairah rising 59% week on week to 10.296 million barrels, a five-month high.
Heavy distillate inventories, which include products used in marine fuel and power generation, increased by 97%, while middle distillates such as diesel and jet fuel rose by 23%. The figures underline the volatility now present across regional storage, bunker and refined-product markets.
More pricing transparency coming to Middle East bitumen
Platts has also proposed launching new daily FOB Middle East assessments for VG30 and VG40 bitumen from November 2, 2026. If implemented, the new assessments would provide additional transparency for bulk waterborne bitumen trading from the Middle East and could become an important reference point for regional buyers and sellers.
Golden Energy view
The combination of tighter Singapore supply, heavy-crude constraints, freight uncertainty and stronger demand suggests that bitumen buyers should expect a more sensitive and supply-driven market in the near term. Procurement timing, loading-window flexibility and access to alternative origins will be increasingly important for securing competitive cargoes.
Golden Energy FZ continues to monitor petroleum-product and bitumen markets across the Middle East and Asia, with a focus on supply availability, pricing trends and executable trade opportunities.
Sources: S&P Global Energy / Platts market reports published September 15 and September 23, 2026, including coverage of Singapore bitumen pricing and Fujairah oil product inventories.
This market update is provided for informational purposes only and does not constitute a binding offer or price quotation.
