Oil Stocks Outlook For The Week - 28.05.2018 To 01.06.2018

Oil Stocks Outlook For The Week - 28.05.2018 To 01.06.2018

             Equity Cash/Futures/Options Segment 

Shares of Oil and Natural Gas Corp Ltd, Bharat Petroleum Corp Ltd, and Oil India Ltd will be in focus early next week as the three companies are scheduled to detail their earnings for the March quarter between Monday and Wednesday. Upstream players such as ONGC and Oil India are seen reporting robust earnings on the back of higher prices of crude oil, while refiner BPCL is seen posting strong numbers on a year-on-year basis due to inventory gains. The movement in stocks of state-owned oil companies, upstream as well as downstream will depend on any update on how they may be involved in an effort by the government to give relief to consumers from soaring prices of petrol and diesel. The government may be considering multiple options, which range from asking upstream companies to sell crude oil at a discount to refiners to asking oil marketing companies to absorb fuel price hikes beyond a threshold. The movement in global prices of crude oil will also be keenly watched by the market. The futures contracts of crude oil on domestic and international exchanges are seen falling next week due to expectation that major producers will raise output to offset the decline seen in the supply from Venezuela and Iran. The US plans to re-impose sanctions on major oil producer Iran, while an economic crisis has decimated Venezuela's crude output. A rise in production as well as inventories in the US is also seen weighing on prices.

Source : Cogencis Information Services Ltd.

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