Oil Stocks Outlook For The Week - 31.12.2018 To 04.01.2019
Stocks of public sector oil companies, upstream as well as downstream, are expected to trade in a range next week. Stocks of downstream companies are seen trading with a slight positive bias, while those of upstream companies are likely to see some weakness. 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. Futures contracts of crude oil on global and domestic exchanges are likely to remain volatile next week as well amid the ongoing turmoil in financial markets and output cuts by major producers from Jan 1. 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 expected to trade in a range next week. Stocks of downstream companies are seen trading with a slight positive bias, while those of upstream companies are likely to see some weakness. 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. Futures contracts of crude oil on global and domestic exchanges are likely to remain volatile next week as well amid the ongoing turmoil in financial markets and output cuts by major producers from Jan 1. 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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