Oil Stocks Outlook For The Week - 22 To 26.10.2018
Movement in prices of crude oil and the dollar-rupee exchange rate is expected to continue to dictate the trend for stocks of public sector oil marketing companies--Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd--in the immediate-to-near term. A weak rupee and high oil prices, while being negative for refiners, 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 due to a buildup in US crude inventories. Prices fell to a five-week low on Thursday and are down nearly 4% on-week due to the bearish data by the US Energy Information Administration. An internal report of the Organization of the Petroleum Exporting Countries said rising crude stockpiles and higher production in the US could be a bearish factor for oil prices in the coming few weeks. However, any sharp fall will be capped as sanctions by the US targeting Iran's shipping and oil industry will come into effect on Nov 4. The market will also watch out for any announcement 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 dictate the trend for stocks of public sector oil marketing companies--Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd--in the immediate-to-near term. A weak rupee and high oil prices, while being negative for refiners, 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 due to a buildup in US crude inventories. Prices fell to a five-week low on Thursday and are down nearly 4% on-week due to the bearish data by the US Energy Information Administration. An internal report of the Organization of the Petroleum Exporting Countries said rising crude stockpiles and higher production in the US could be a bearish factor for oil prices in the coming few weeks. However, any sharp fall will be capped as sanctions by the US targeting Iran's shipping and oil industry will come into effect on Nov 4. The market will also watch out for any announcement 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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