Oil Stocks Outlook For The Week - 15 To 19.10.2018
Movement in prices of crude oil and the dollar-rupee exchange rate is expected to continue to decide
the trend for stocks of public sector refiners-cum-fuel-retailers Indian Oil Corp Ltd, Bharat Petroleum
Corp Ltd, and Hindustan Petroleum Corp Ltd next week. A weak rupee and high oil prices are positive for upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd, and will influence their share prices as well. Futures contracts of crude oil on domestic and international exchanges are likely to trade lower next week as various agencies cut their demand estimates, inventories and output in the US have risen, and global equities are weak. The International Energy Agency has lowered its forecast for growth in global oil demand this year and the next due to a weak economic outlook, trade disputes, higher oil prices, and softer economic data from China, the agency said in a monthly report. The Organization of the Petroleum Exporting Countries has trimmed its global economic growth forecast for 2018 to 3.7% from 3.8%. Its estimate for growth in global oil demand in 2018 was trimmed by 80,000 bpd to 1.54 mln bpd, and for 2019, by 50,000 bpd to 1.36 mln bpd. The market will also watch out for any announcements from the government on high fuel prices. Any further interference by the government in pricing will be a negative for oil marketing companies.
Source : Cogencis Information Services Ltd.
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Movement in prices of crude oil and the dollar-rupee exchange rate is expected to continue to decide
the trend for stocks of public sector refiners-cum-fuel-retailers Indian Oil Corp Ltd, Bharat Petroleum
Corp Ltd, and Hindustan Petroleum Corp Ltd next week. A weak rupee and high oil prices are positive for upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd, and will influence their share prices as well. Futures contracts of crude oil on domestic and international exchanges are likely to trade lower next week as various agencies cut their demand estimates, inventories and output in the US have risen, and global equities are weak. The International Energy Agency has lowered its forecast for growth in global oil demand this year and the next due to a weak economic outlook, trade disputes, higher oil prices, and softer economic data from China, the agency said in a monthly report. The Organization of the Petroleum Exporting Countries has trimmed its global economic growth forecast for 2018 to 3.7% from 3.8%. Its estimate for growth in global oil demand in 2018 was trimmed by 80,000 bpd to 1.54 mln bpd, and for 2019, by 50,000 bpd to 1.36 mln bpd. The market will also watch out for any announcements from the government on high fuel prices. Any further interference by the government in pricing will be a negative for oil marketing companies.
Source : Cogencis Information Services Ltd.
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