C9 Weekly Report 08 Sep 2018

Weekly Price Trend: 03-09-2018 to 07-09-2018

• The above given graph focuses on the C9 price trend for the current week.
• Domestic prices of C9 soft-to-stable for this week. Prices were assessed at the level of Rs.60.75/Kg for bulk quantity by closing of market.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices soft-to-stable for this week. Prices were assessed at the level of Rs.60.75/Kg for bulk quantity.
• Prices in international market remained firm for this week. CIF India prices were assessed at the level of USD 870-890/MTS in this week.
• There has been continuous depreciation of Indian currency against dollar. The impact is due to rise in crude values in international market. To deepen the sorrows the sanction against Iran by US further hammered the currency rate of many nations. Turkey is on the verge of failing of economy. This in turn has led to increase in petrochemical prices and crude values.
• There has been continuous soaring in crude prices in this week. The US inventories have fell to their lowest levels since February 2015.  US West Texas Intermediate (WTI) crude futures were at $67.90 per barrel at 0056 GMT, up 13 cents, or 0.2 per cent, from their last settlement.  International Brent crude futures climbed 12 cents, or 0.2 per cent, to $76.62 a barrel. With release of Oil inventory data last night, a large number has been drawn from crude inventories.
• Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 per cent since the middle of August. Investors anticipate less supply from Iran as US sanctions on Tehran begin to bite.
• With ship-tracking data now pointing at a reduction in Iranian exports, renewed strife in Libya, and Venezuelan export availability hobbled by an accident at the key Jose terminal, the list of bullish headlines is getting longer,” said Michael Dei-Michei, head of research at Vienna consultancy JBC Energy.
• US is quite actively tracking the flow of crude and has managed to use its sanctions very actively against Iran. They are forcing many western companies to cease export from Iran and avoid trading with them.
• Contrary to this India and China are making efforts to continue their imports from using one or other way. Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 per cent since the middle of August. Investors anticipate less supply from Iran as US sanctions on Tehran begin to bite.

1$ = Rs. 71.73
Import Custom Ex. Rate USD/ INR: 71.10
Export Custom Ex. Rate USD/ INR: 69.40