C9 Weekly Report 14 July 2018
Weekly Price Trend: 09-07-2018 to 13-07-2018
- The above given graph focuses on the C9 price trend for the current week.
- Domestic prices of C9 remained firm for this week. Prices were assessed at the level of Rs.61.5/Kg for bulk quantity by closing of market.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices remained firm for this week. Prices were assessed at the level of Rs.61.5/Kg for bulk quantity.
- Prices in international market increased significantly for this week. CIF India prices were assessed at the level of USD 880-900/MTS in this week.
- Moreover monsoon has started in India. The western part of India is receiving heavy rainfall which in turn has led to slowdown in imports along with limited supply.
- This week crude oil prices have followed mixed trend. On Thursday oil prices steadied, after the International Energy Agency's warned that the world's oil supply cushion "might be stretched to the limit" due to production losses in several different countries.
- Brent prices rallied on Thursday, recouping some ground following sharp losses the previous session after Libya said it would resume oil exports. Brent crude oil gained 59 cents a barrel to trade at $74/bbl. On Wednesday, the global benchmark slumped $5.46, its biggest one-day fall in two years.
- On Thursday, closing crude values have remained mixed. WTI on NYME closed at $70.33/bbl; prices have decreased by $0.05/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $1.05/bbl in compare to last closing price and was assessed around $74.45/bbl.
- As per report, inventories at the Cushing, Oklahoma, delivery hub had fallen 929,399 barrels from July 6 to July 10. Supply to the U.S. market has also been squeezed by the loss of some Canadian oil production.
- The pullback has not yet derailed the possibility that Brent will recover to above $80 a barrel by the end of the year. Market players said t hat that if Brent pulls to below $70 a barrel, there is less of a chance that the market will recover as quickly.
1$ = Rs. 68.52
Import Custom Ex. Rate USD/ INR: 69.70
Export Custom Ex. Rate USD/ INR: 68.00
