MEG Weekly Report 3 June 2017

Weekly Price Trend: 29-05-2017 to 02-06-2017

• The above given graph focuses on the MEG price trend from 29th May to 2nd June 2017.  
• Prices increased heavily for this week. Domestic prices were assessed at the level of Rs.61/Kg for bulk quantity with an increase of Rs 7/Kg in compare to last week’s closing values.

Booking Scenario

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

• This week domestic prices remained increased heavily for this week. Prices were assessed at the level of Rs.61/Kg for bulk quantity.
• CFR India prices were assessed in the range of USD 740-750/MTS. Prices increased heavily for this week.
• CFR China values increased by USD 15/MTS in compare to last week’s assessed values and were assessed in the range of USD 750-770/MT
• CFR SEA prices for MEG were assessed around USD 765/MT for this week. FOB Korea values for Ethylene was assessed around USD 980/MTS while CFR China values for Ethylene were assessed around USD 1025/MTS.
• FOB Korea values for Propylene was assessed around USD 860/MTS while CFR China values were assessed around USD 905/MTS.
• This week oil prices remained highly volatile. With a firm decision taken last week by OPEC, Russia and other producers to extend their agreement to curb output by 1.8 million barrels a day for another nine months, in order to rebalance the oil market, the bearish tone in the oil sector resurfaced.
• According to reports, U.S. oil supplies dropped by 6.4 million barrels last week, a positive for the market and a much bigger decline than expected. 
• On Thursday U.S. crude up slightly after a larger-than-expected domestic inventory drawdown.
• Closing crude values on Thursdayincreased.WTI on NYME closed at $48.36/bbl, prices have increased by $0.04/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.02/bbl in compared to last trading and was assessed around $50.33/bbl.
• As per market report, U.S. production increased, and the expectation is that ongoing activity in U.S. shale will continue to boost output, offsetting OPEC efforts.

$1 = Rs. 64.44
Import Custom Ex. Rate USD/ INR: 65.35
Export Custom Ex. Rate USD/ INR: 63.70