Oil Stocks Outlook For The Week - 10 To 14.09.2018
Stocks of public sector refiners Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan
Petroleum Corp Ltd are likely to trade in a range with negative bias next week. The stocks continue
to remain under pressure given the recent spurt in prices of crude oil and the weakening of the
rupee against the dollar. A weak rupee and a rise in oil prices are positive for upstream companies like Oil and Natural Gas Corp Ltd and Oil India Ltd, and a negative for refiners. Crude oil futures on domestic and international exchanges are seen falling next week due to concern over demand for the commodity, and a rise in US inventory. Also, concern over higher production from the Organization of the Petroleum Exporting Countries are likely to outweigh prospects of lower supply from Iran ahead of Nov 4, which is when US sanctions on the West Asian nation comes into effect.
Source : Cogencis Information Services Ltd.
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Stocks of public sector refiners Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan
Petroleum Corp Ltd are likely to trade in a range with negative bias next week. The stocks continue
to remain under pressure given the recent spurt in prices of crude oil and the weakening of the
rupee against the dollar. A weak rupee and a rise in oil prices are positive for upstream companies like Oil and Natural Gas Corp Ltd and Oil India Ltd, and a negative for refiners. Crude oil futures on domestic and international exchanges are seen falling next week due to concern over demand for the commodity, and a rise in US inventory. Also, concern over higher production from the Organization of the Petroleum Exporting Countries are likely to outweigh prospects of lower supply from Iran ahead of Nov 4, which is when US sanctions on the West Asian nation comes into effect.
Source : Cogencis Information Services Ltd.
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