Oil Stocks Outlook for the week – 08 to 12.08.2016
PSU refiners seen trading with positive bias
( www.rupeedesk.in )
Stocks of state-owned oil refining companies--Indian Oil
Corp Ltd, Bharat Petroleum Corp Ltd, and
Hindustan Petroleum Corp Ltd--are likely to trade with a
positive bias next week. The stocks are seen
positive given the weakness in crude oil prices and rising
gross refining margins. Oil producers Oil
and Natural Gas Corp and Oil India shares could remain weak
due to the fall in crude oil prices.
Crude oil futures on the NYMEX have fallen more than 3% from Jul 25 to trade at $41 per bbl levels. Given the lack of sector-specific triggers, the stocks will take cues from oil prices and broad market
Crude oil futures on the NYMEX have fallen more than 3% from Jul 25 to trade at $41 per bbl levels. Given the lack of sector-specific triggers, the stocks will take cues from oil prices and broad market
sentiment, which will wait on the contours of the Reserve
Bank of India's monetary policy scheduled
for Tuesday. Crude oil prices are likely to see some
recovery over the next four to five sessions after
having slipped below the crucial $40-a-bbl level earlier
this week. Stocks of the three oil marketing
companies
are seen positive.