Oil Stocks Outlook For The Week - 08 To 12.10.2018
Weakness in stocks of public sector oil marketing companies Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd is likely to persist next week on concern over government intervention in fuel pricing. The three stocks fell sharply on Thursday and yesterday after the government announced that public sector fuel retailers would cut the prices of petrol and diesel by 1 rupee per ltr and absorb on losses on that account. This step has spooked the markets with fears of the return of a regulated price regime and fuel subsidy in some form or the other. Yesterday, these stocks ended down 15.9-24.0% from their previous close on the National Stock Exchange. Thursday's announcement had a cascading effect on stocks of public sector upstream companies Oil and Natural Gas Corp Ltd and Oil India Ltd as we feel that the two may be next in line to be asked by the government to share the burden of high fuel prices. The outlook for these stocks also remains negative for next week. Movement in prices of crude oil and the dollar-rupee exchange rate is also expected to set the tone for oil stocks in the near future. Futures contracts of crude oil are likely to trade higher next week on domestic and international exchanges due to uncertainty and supply concern triggered by the upcoming US sanctions on Iran's oil and shipping industry in November.
Source : Cogencis Information Services Ltd.
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Weakness in stocks of public sector oil marketing companies Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd is likely to persist next week on concern over government intervention in fuel pricing. The three stocks fell sharply on Thursday and yesterday after the government announced that public sector fuel retailers would cut the prices of petrol and diesel by 1 rupee per ltr and absorb on losses on that account. This step has spooked the markets with fears of the return of a regulated price regime and fuel subsidy in some form or the other. Yesterday, these stocks ended down 15.9-24.0% from their previous close on the National Stock Exchange. Thursday's announcement had a cascading effect on stocks of public sector upstream companies Oil and Natural Gas Corp Ltd and Oil India Ltd as we feel that the two may be next in line to be asked by the government to share the burden of high fuel prices. The outlook for these stocks also remains negative for next week. Movement in prices of crude oil and the dollar-rupee exchange rate is also expected to set the tone for oil stocks in the near future. Futures contracts of crude oil are likely to trade higher next week on domestic and international exchanges due to uncertainty and supply concern triggered by the upcoming US sanctions on Iran's oil and shipping industry in November.
Source : Cogencis Information Services Ltd.
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