GAIL India - Firing On All Cylinders: ICICI Securities
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ICICI Securities Report
Japan Korea Marker spot liquefied natural gas price is up 72% from low of $5.6/metric million British thermal unit, in early-March 2021 to $9.65/mmbtu as severe winter depleted gas inventories in North Asia and Europe leading to competition for LNG supplies.
Brent is up 84% from lows in end-October 2020 to $68/barrel of oil as Organization of the Petroleum Exporting Countries plus capped supplies.
Steeper rise in oil and spot LNG versus in Henry Hub gas price has meant the company can sell its HH linked U.S. LNG at higher spot LNG/oil linked prices, thereby, improving its gas marketing outlook.
Supply disruptions in the U.S. have boosted polyethylene margins and outlook.
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