Oil Stocks Outlook For The Week - 05 To 09.11.2018
Shares of state-owned upstream giant Oil and Natural Gas Corp Ltd will be in focus early next week,
as the company is scheduled to detail its earnings for the September quarter on Saturday. We estimates, ONGC is expected to report a 34.3% on-year rise in net profit for the September quarter at 68.90 bln rupees due to higher prices of crude oil. Apart from the impact of earnings, stocks of oil companies--both upstream and downstream are likely to influenced by movements in prices of crude oil and the dollar-rupee exchange rate. A weak rupee and high oil prices, while being negative for refiners, are positive for upstream companies. Higher oil production by the Organization of the Petroleum Exporting Countries and the US may continue to keep crude oil prices weak for the fifth consecutive week. Reports that the US government has agreed to let eight countries continue buying oil from Iran even after the sanctions on Tehran come into effect next week are also seen dragging down prices. The US has allowed eight countries, including India, South Korea, and Japan, to
buy limited volumes of Iranian oil as many countries may not be able to cut their purchases to nil. This concession eased worries of shortage in supply that might hit markets once US sanctions on Iran are reimposed.
Source : Cogencis Information Services Ltd.
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Shares of state-owned upstream giant Oil and Natural Gas Corp Ltd will be in focus early next week,
as the company is scheduled to detail its earnings for the September quarter on Saturday. We estimates, ONGC is expected to report a 34.3% on-year rise in net profit for the September quarter at 68.90 bln rupees due to higher prices of crude oil. Apart from the impact of earnings, stocks of oil companies--both upstream and downstream are likely to influenced by movements in prices of crude oil and the dollar-rupee exchange rate. A weak rupee and high oil prices, while being negative for refiners, are positive for upstream companies. Higher oil production by the Organization of the Petroleum Exporting Countries and the US may continue to keep crude oil prices weak for the fifth consecutive week. Reports that the US government has agreed to let eight countries continue buying oil from Iran even after the sanctions on Tehran come into effect next week are also seen dragging down prices. The US has allowed eight countries, including India, South Korea, and Japan, to
buy limited volumes of Iranian oil as many countries may not be able to cut their purchases to nil. This concession eased worries of shortage in supply that might hit markets once US sanctions on Iran are reimposed.
Source : Cogencis Information Services Ltd.
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