Phenol Weekly Report 18 October 2019

Weekly Price Trend: 14-10-2019 to 18-10-2019

• 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 stable throughout this week. By end of the week prices were assessed at the level of Rs. 75/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.75/Kg for bulk quantity. Prices remained highly improved for this week.
• CFR India prices for this week were assessed in the range of USD 1060-1080/MTS, with no change in prices for this week in compare to last week’s closing values.
• Most of the markets in India are also operating rate festive season is celebrated across the country.
• Indian markets are operating on reduced rate as country is festive mood. Next week there will be diwali celebrations across the nation with long extended vacations.
• Benzene is the major raw material for Phenol production. FOB Korea values for Benzene were assessed around USD 660/MT for this week with no change in prices, while CFR China prices were assessed at the level of USD 670/MT for this week.
• Oil futures finished higher Thursday, as the U.S. and Turkey reached a cease-fire pact in Syria, temporarily easing Middle East tensions, and a tentative Brexit deal fueled appetite for assets perceived as risky.
• Oil prices had traded mostly lower shortly after the Energy Information Administration on Thursday reported that U.S. crude supplies climbed for a fifth week in a row, by 9.3 million barrels for the week ended Oct.
• “Inventories have built by a whopping 9.3 million barrels, led by the refinery utilization rate dropping to its lowest since hurricane Harvey in September 2017.
• A release of 1.3 million barrel has only rubbed salt into the wounds of the bulls, adding to today’s crude build.
• On Thursday, closing crude values have increased. WTI on NYME closed at $53.93/bbl. Prices have increased by 0.57/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.49/bbl in compare to last closing price and was assessed around $59.91/bbl. 

$1 = Rs. 71.13

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45