MEK Weekly Report 27 Oct 2018

Weekly Price Trend: 22-10-2018 to 26-10-2018

• The above graph shows the weekly price trend of MEK for the current week.
• As per the above graph, this week MEK prices have decreased in compare to previous week and at the end of the week MEK prices were assessed at the level of Rs. 99/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 99/kg.
• This week in international market, prices of MEK have decreased in compare to previous week.
• Oil prices reduced on Friday and were heading for a third weekly loss, pulled down as Saudi Arabia's OPEC governor said the market may become oversupplied soon and after a slump in global equities clouded the outlook for demand.
• "Bearish sentiment could force a re-test of support in the low $70.0 per barrel range.
• The market may shift towards an oversupply situation as evidenced by rising inventories over the past few weeks.
• U.S. crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said this week.
• Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, and economic concerns in Italy.
• Washington is putting pressure on governments around the world to stop importing oil from Iran.
• Most, including its biggest customer China, are falling in line, and Iran has turned to storing its unsold oil on its tanker fleet in the hope that it can sell the crude off quickly once the sanctions are lifted again.

  $1 = Rs. 73.46
 Import Custom Ex. Rate USD/ INR: 74.30
 Export Custom Ex. Rate USD/ INR: 72.60