Oil Stocks Outlook For The Week - 21 To 25.01.2019
Stocks of public sector oil companies, both upstream and downstream, are seen consolidating in the coming week. Stocks of upstream companies are seen trading with a positive bias, while those of downstream companies could see some weakness. For cues, investors are expected to observe the movement in international crude prices, as well as in 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 on global and domestic exchanges next week because of a cut in production by the Organization of the Petroleum Exporting Countries and its allies. Data released this week showed a fall in the cartel's output. However, record supply from the US and expectations of further rise in supply are likely to cap the gains. 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, both upstream and downstream, are seen consolidating in the coming week. Stocks of upstream companies are seen trading with a positive bias, while those of downstream companies could see some weakness. For cues, investors are expected to observe the movement in international crude prices, as well as in 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 on global and domestic exchanges next week because of a cut in production by the Organization of the Petroleum Exporting Countries and its allies. Data released this week showed a fall in the cartel's output. However, record supply from the US and expectations of further rise in supply are likely to cap the gains. 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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