Oil Stocks

India holds sufficient crude and fuel inventories to meet domestic demand for petrol, diesel, and other fuels for six to eight weeks, top government sources said, cushioning the country against any short-term supply disruption amid escalating military conflict in West Asia. About half of India's crude and LPG imports transit the Strait of Hormuz - the key energy chokepoint that has seen disruptions following US and Israeli attacks on Iranian government, military and nuclear facilities. Iran warned shipping away from the strait, and insurers withdrew coverage, effectively halting tanker movements. A top oil ministry official, who wished not to be named, said the government is monitoring the situation "on a daily and hourly basis" and is confident of navigating through the crisis that by some estimates may last a week or ten days. While the country has crude oil stocks to last 25 days and fuel to last a similar duration, contingency plans - including using stockpile in strategic ...

Aakash Shah, technical analyst at Choice Equity Broking expects ONGC, Oil India and BPCL to gain up to 10 per cent from here based on the strong chart patterns.

The brokerage said INR depreciation of about 6% Y-o-Y in Q3 has weighed on margins of OMCs and CGD players, partly offsetting the benefit of softer crude oil prices.

According to Motilal Oswal Financial Services, the sector has also benefited from a series of regulatory and taxation reforms aimed at improving affordability and project viability

Crude Oil prices have soared 7% in the last two weeks following fresh US sanctions on Russian oil imports. Back home, shares of oil exploration and marketing companies look favourably placed on charts

Nomura said that the INR's depreciation remains a headwind for OMCs and CGDs, as their input costs are dollar-linked while revenues are in rupees.

BPCL, HPCL, IOC, Asian Paints, and other downstream oil companies' stock surged, while ONGC, Oil India dropped after Brent crude oil slipped 5 per cent

Technical chart shows that this oil-related India-listed stock - OIL India - can potentially rally up to 27% from here on as Crude Oil soars on Israel-Iran war fears.

BPCL, HPCL, IOC, Asian Paints and other downstream oil companies' stock fell, while ONGC, Oil India rose after Brent crude oil spiked 13 per cent

Port and pipeline stocks drop to 1.35 million tonnes; SEA says domestic mustard crushing is active, but CPI shows edible oil inflation hit 17.4% in April

Crude oil prices fell below $70 per barrel over US President Donald Trump's new tariffs, raising concerns over a global trade war that could weigh on oil demand

Aramco is specifically targeting BPCL's refinery in Andhra Pradesh and ONGC's refinery in Gujarat, said a Reuters report.

The US EIA forecasts Brent crude prices to average $74 per barrel in CY25, down 8 per cent Y-o-Y and to decline to $66 per barrel in CY26

The FY26 budget has allocated Rs 12,100 crore for LPG subsidiary, far lower than the anticipated value

Brent crude futures climbed $1.48, or 1.86 per cent, to $81.24 a barrel by 0113 GMT after hitting an intraday high of $81.49, the highest since August 27

Japan's Nikkei slumped 1.5per cent as of 0022 GMT, while South Korea's KOSPI dropped 1.3per cent and Australia's benchmark lost 0.3 per cent

While upstream earnings are currently impacted, with the OPEC+ delaying its planned rise in production, analysts at Prabhudas Lilladher expect oil prices to rebound to $75-80 per barrel soon.

The board of Oil India has fixed Tuesday, July 2, 2024 as record date to determine the eligibility of shareholders to receive bonus shares in the ratio of 1:2.

The initial public offer (IPO) of Gandhar Oil Refinery had received good response from the investors and was subscribed 65.63 times.

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