Oil Stocks Outlook For The Week - 21 To 25.05.2018

Oil Stocks Outlook For The Week - 21 To 25.05.2018

             Equity Cash/Futures/Options Segment 

Stocks of state-owned refiners-cum-retailers Indian Oil Corp Ltd and Hindustan Petroleum Corp Ltd will be in focus early next week as the two companies are slated to detail their earnings for the March
quarter on Tuesday. On a year-on-year basis, we expect IOC to report a substantial rise in its net profit due to massive inventory gains, while HPCL's earnings are likely to be subdued on expectations of lower inventory gains as compared to the corresponding quarter last year. The spurt in crude oil prices is likely to continue to drive stocks of oil companies next week, with upstream players like Oil and Natural Gas Corp Ltd and Oil India Ltd expected to remain on solid footing. For refiners, a further rise in crude oil prices may put more pressure on their marketing margins. Futures contracts of crude oil on domestic and international exchanges are seen rising next week due to tighter global supplies, coupled with improved demand for crude oil and its products. Movement in the rupee's exchange rate against the dollar may also impact stocks of oil companies. A stronger greenback is positive for upstream companies but negative for refiners.

Source : Cogencis Information Services Ltd.

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