MEG Weekly Report 11 Feb 2017

Weekly Price Trend: 06-02-2017 to 10-02-2017

• The above given graph focuses on the MEG price trend from 6th Feb to 10th Feb 2017.  
• Prices declined significantly for this week. Prices were assessed around Rs.72/Kg for bulk quantity by end of the week..

Booking Scenario

The above chart shows the international prices of MEG and its comparison from the previous prices.
INDIA & INTERNATIONAL

• This week domestic prices decreased significantly for bulk quantity. By end of the week MEG values were assessed at the level of Rs.72/Kg for bulk quantity.
• CFR India prices were assessed in the range of USD 940-960/MTS. Prices remained unchanged for this week.
• CFR SEA prices for MEG were assessed around USD 935/MT for this week. FOB Korea values for Benzene were assessed around USD 1030/MTS while CFR India values were assessed around USD 1040/MTS.
• Crude oil prices again followed mixed throughout this week and by end of the week prices increased after an unexpected draw in U.S. gasoline inventories pointed to higher demand in the world's biggest oil market.
• According to reports, U.S. commercial crude inventories rose, high fuel inventories and rising U.S. crude production meant oil markets would be over-supplied for some time, but that they would drain gradually, while the rest of the world already showing signs of tightness.
• The crude oil inventory build was really terrible for the market but the market does not seem to care because the products inventories were better than expected and are dragging crude oil prices up with it.
• Market Analysts said that in near term prices could be volatile as higher U.S. crude supplies balanced output cuts by the OPEC and other producing nations. Recently oil is in a very dangerous zone because market is moving with bearish velocity.
• On Thursday, closing crude values have increased.WTI on NYME closed at $53.00/bbl, prices have increased by $0.66/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.51/bbl in compared to last trading and was assessed around $55.63/bbl.

$1 = Rs. 66.88
Import Custom Ex. Rate USD/ INR: 68.40
Export Custom Ex. Rate USD/ INR: 66.70