MEK Weekly Report 12 May 2018

Weekly Price Trend: 07-05-2018 to 11-05-2018

• The above graph shows the weekly price trend of MEK for the current week.
• As per the above graph, this week MEK prices have plunged in compare to previous week and at the end of the week MEK prices were assessed at the level of Rs. 109/Kg for Kandla port.

Booking Scenario

INDIA & INTERNATIONAL

• For the current week, domestic prices of MEK have decreased in compare to previous week and were assessed at the level of Rs 109/kg.
• This week in international market, prices of MEK have decreased in compare to previous week.
• Presently MEK market is moving with soft velocity no major deals and discussion has been heard.
• This week with the little volatility oil prices have escalated sharply. On Thursday as traders adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran amid an already tightening market.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $69.06/bbl; prices have decreased by $1.67/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.32/bbl in compared to last trading and was assessed around $74.85/bbl.
• The United States plans to impose new sanctions against Iran, which produces around 4 percent of global oil supplies, after dump an agreement reached in late 2015 which limited Tehran's nuclear ambitions in exchange for removing U.S.-Europe sanctions.
• As per analysts oil prices to rise to $80-$100 per barrel later this year, once U.S. sanctions start to bite and Iran's exports start sinking. Market players said that OPEC will step up output in order to counter the Iran disruption."The market is now focused on OPEC and other producers' ability to react to this potential supply disruption,"

  $1 = Rs. 67.33
 Import Custom Ex. Rate USD/ INR: 67.50
 Export Custom Ex. Rate USD/ INR: 65.80