Oil Stocks Outlook For The Week - 14 To 18.01.2 019
Stocks of public sector oil companies upstream and downstream are likely to trade in a narrow range in the coming week. Shares of upstream companies are seen trading with a slight positive bias, while those of downstream companies are likely to trade on a weaker footing. Shares of Reliance Industries Ltd will be in focus later in the week, as the company is scheduled to detail its earnings for the three months ended December on Thursday. We expect the company's net profit to be up 1% on year at 85.40 bln rupees, while net sales are see n rising 30.3% to 954.18 bln rupees. For cues, investors are expected to observe movements in international crude prices, and the broader market. Upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd are likely to benefit from higher crude prices. Refiners such as Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd stand to gain from lower prices. Futures contracts of crude oil may rise marginally on global and domestic exchanges next week, as Saudi Arabia has said supply cuts would balance the market in terms of demand and supply and due to optimism over US-China trade talks.
However, a likely slowdown in global growth is increasingly unnerving financial markets globally, which will limit gains in crude prices next week. 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.
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Stocks of public sector oil companies upstream and downstream are likely to trade in a narrow range in the coming week. Shares of upstream companies are seen trading with a slight positive bias, while those of downstream companies are likely to trade on a weaker footing. Shares of Reliance Industries Ltd will be in focus later in the week, as the company is scheduled to detail its earnings for the three months ended December on Thursday. We expect the company's net profit to be up 1% on year at 85.40 bln rupees, while net sales are see n rising 30.3% to 954.18 bln rupees. For cues, investors are expected to observe movements in international crude prices, and the broader market. Upstream companies such as Oil and Natural Gas Corp Ltd and Oil India Ltd are likely to benefit from higher crude prices. Refiners such as Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd stand to gain from lower prices. Futures contracts of crude oil may rise marginally on global and domestic exchanges next week, as Saudi Arabia has said supply cuts would balance the market in terms of demand and supply and due to optimism over US-China trade talks.
However, a likely slowdown in global growth is increasingly unnerving financial markets globally, which will limit gains in crude prices next week. 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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