Oil Stocks Outlook For The Week - 24 To 28.12.2018
Stocks of public sector oil companies, upstream as well as downstream, are likely to consolidate
next week. Stocks of downstream companies are seen trading with a positive bias, while those of
upstream companies are likely to be on a weaker footing. Next week will be a truncated one, as
stock exchanges will be shut on Tuesday on account of Christmas. Investors are expected to keep a close eye on international prices of crude oil and the broader market for cues. Higher crude oil prices would be positive for stocks of upstream players such as Oil and Natural Gas Corp Ltd and Oil India Ltd. For refiners such as Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd, lower oil prices would be better. Crude oil contracts on global and domestic exchanges declined 11-15% this week due to a turmoil in global financial markets and concerns of oversupply. Oil prices are expected to slide further in the coming week. WTI crude prices have fallen 40% since October, when they had hit a multi-year high. Any major movement in the dollar-rupee exchange rate would also influence stocks of oil companies. A stronger dollar is a positive for upstream companies and a negative for downstream companies.
Source : Cogencis Information Services Ltd.
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Stocks of public sector oil companies, upstream as well as downstream, are likely to consolidate
next week. Stocks of downstream companies are seen trading with a positive bias, while those of
upstream companies are likely to be on a weaker footing. Next week will be a truncated one, as
stock exchanges will be shut on Tuesday on account of Christmas. Investors are expected to keep a close eye on international prices of crude oil and the broader market for cues. Higher crude oil prices would be positive for stocks of upstream players such as Oil and Natural Gas Corp Ltd and Oil India Ltd. For refiners such as Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd, lower oil prices would be better. Crude oil contracts on global and domestic exchanges declined 11-15% this week due to a turmoil in global financial markets and concerns of oversupply. Oil prices are expected to slide further in the coming week. WTI crude prices have fallen 40% since October, when they had hit a multi-year high. Any major movement in the dollar-rupee exchange rate would also influence stocks of oil companies. A stronger dollar is a positive for upstream companies and a negative for downstream companies.
Source : Cogencis Information Services Ltd.
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