Phenol Weekly Report 20 September 2019

Weekly Price Trend: 16-09-2019 to 20-09-2019

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given weekly price remained variable throughout this week. By end of the week prices were assessed at the level of Rs. 73/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.70/Kg for bulk quantity. Prices remained variable throughout this week and were assessed at the level of Rs.70/Kg for bulk quantity.
• CFR India prices for this week were assessed in the range of USD 1020-1040/MTS, with no change in values for this week in compare to last week’s closing values.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 700/MT, increased by USD 13/MT for this week, while CFR China prices also improved and were assessed at the level of USD 700/MT for this week.
• Oil prices rose sharply on Thursday, supported by supply risks as the market assesses the fallout from last weekend's drone attacks on Saudi oil infrastructure.
• The attacks knocked out around half of Saudi Arabia's crude production and severely limited the country's spare capacity, a cushion for oil markets in any unplanned outage.
• "Global available spare capacity is extremely low at present following the weekend attacks, leaving little room for additional outages, which tends to be price supportive," UBS oil analyst Giovanni Staunovo said.
• Earlier this week Saudi Arabia set out a timeline for a resumption of full operations, saying it had restored supplies to customers at levels prior to the attacks by drawing from its oil inventories.
• It said it would restore its lost production by the end of this month, and bring its output capacity back to 12 million barrels per day by the end of November.
• "These plans suggest Saudi Arabia will have no spare capacity for at least the next two and a half months and therefore no way to absorb any further shocks," consultancy Energy Aspects said.
• Saudi Arabia, the world's leading oil exporter, has said the crippling attack on its oil sites was "unquestionably sponsored" by regional rival Iran. 

$1 = Rs. 71.04

Import Custom Ex. Rate USD/ INR: 72.20

Export Custom Ex. Rate USD/ INR: 70.50