Oil Stocks Outlook For The Week - 29.10.2018 To 02.11.2018
Shares of public sector oil marketing companies--Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd--will be in focus over the next few sessions as these companies are slated to detail their earnings for the September quarter next week. Bharat Petroleum is slated to
announce its earnings on Monday, while Hindustan Petroleum and Indian Oil will detail their results
on Thursday and Friday, respectively. Among the three state- owned oil refining and marketing companies, only Indian Oil Corp is likely to report a year-on-year rise in Jul-Sep net profit, while Bharat Petroleum Corp and Hindustan Petroleum Corp stare at a fall in their bottomline. Sequentially, all of them are expected to report lower profits. Lower inventory gains and weaker product spreads are seen hitting the three oil marketing companies in Jul-Sep. Apart from earnings, the movement in prices of crude oil and the dollar-rupee exchange rate is expected to influence the stocks of oil companies. A weak rupee and high oil prices, while being negative for refiners, are positive for upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd, and will influence their share prices as well. Futures contracts of crude oil on domestic and international exchanges are likely to witness some weakness next week due to build-up in US crude inventories, which fanned concerns of oversupply, and overall weakness in global equities. Prices fell to a two-month low during the week and were down 3.7% on-week on fears of oversupply.
Source : Cogencis Information Services Ltd.
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Shares of public sector oil marketing companies--Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd--will be in focus over the next few sessions as these companies are slated to detail their earnings for the September quarter next week. Bharat Petroleum is slated to
announce its earnings on Monday, while Hindustan Petroleum and Indian Oil will detail their results
on Thursday and Friday, respectively. Among the three state- owned oil refining and marketing companies, only Indian Oil Corp is likely to report a year-on-year rise in Jul-Sep net profit, while Bharat Petroleum Corp and Hindustan Petroleum Corp stare at a fall in their bottomline. Sequentially, all of them are expected to report lower profits. Lower inventory gains and weaker product spreads are seen hitting the three oil marketing companies in Jul-Sep. Apart from earnings, the movement in prices of crude oil and the dollar-rupee exchange rate is expected to influence the stocks of oil companies. A weak rupee and high oil prices, while being negative for refiners, are positive for upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd, and will influence their share prices as well. Futures contracts of crude oil on domestic and international exchanges are likely to witness some weakness next week due to build-up in US crude inventories, which fanned concerns of oversupply, and overall weakness in global equities. Prices fell to a two-month low during the week and were down 3.7% on-week on fears of oversupply.
Source : Cogencis Information Services Ltd.
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