Market News

– As the US sanctions deadline closing in and with the aim of cancelling its negative effects on Iran oil exports, the national oil company has decided to offer crude for export purposes on Iran Energy Exchange – 80% currency settlement – 20% IRR (SANA rate) settlement. The base price for the offering is $79.15 per barrel to be presented on October 28, 2018. Ten (10%) per cent of the total purchase amount shall be deposited with CSDI 2 hours before the trades opening bell. The minimum purchase amount shall be no less than 35K barrels with a maximum of 1 mn barrels. Delivery would happen on November 28, FOB of Kharg Island or STS.

– Agah analyses show that during the recent correction phased happened on the capital market, despite the fact that some individuals money has been withdrawn, the power index of blue-chip retail investors was increasing on average. That means the experts and high-value individuals continued their purchases on this correction. Below image has the details:

– Reuters claims that Iran has exported 1.33 mn barrels of crude oil to India, China, Turkey and other middle east destinations over the month of October while there were no carried shipped to EU in this period. It is anticipated that Iran has alternative routes to deliver its crude production to EU countries, like Italy who purchased 1 mn barrels, another oil industry analyst claims, without being observed by the US radars.

In the Market

The stock market performed moderately higher today amid anticipations of better than expected H1 reports by the fundamentally sound tickers. TEDPIX (+1.24%) advanced for more than 2,200 points to reclaim the previously lost level of 182K. However, the sale pressure was stronger during the final hours and that made the overall index unable to hold to its 183K top. IFEX (+1.60%), on the other hand, continued its bullish trend for the second day in a row and advanced 32.03 points to stand at 2,027.55.

Analysts believe that the TEDPIX closed above its previously formed negative trend line today with candles higher than its 20 days moving average. This means that the overall index will be supported tomorrow along with its negative trend line. The below image shows the technical analysis of TEDPIX as of today:

Source:

2018, NIOC offers the first batch of export oil on Iran Energy Exchange!, Tuesday, Oct 16, p.1,<https://agahgroup.com>