ADVERTISEMENT

ICICI Securities Q2 Preview: Earnings Up For OMCs And Gujarat Gas, Down For Others

ICICI Securities: Q2 Earnings Up For OMCs’ And Gujarat Gas; Down For Others - Preview

A pressure meter is seen on an in-ground liquefied natural gas (LNG) tank. (Photographer: Tomohiro Ohsumi/Bloomberg)
A pressure meter is seen on an in-ground liquefied natural gas (LNG) tank. (Photographer: Tomohiro Ohsumi/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Key trends in the oil and gas sector in Q1 FY21 were:

1. Dubai and Brent crude were down 30-31% YoY but up 33-36% at 42.4-42.7/barrel of oil U.S. dollar;

2. domestic gas price was at its 10-year low of 2.7/ metric million British thermal unit U.S. dollar;

3. Reuters’ Singapore gross refining margin recovered to 0.06/barrel of oil U.S. dollar from at least a 73-quarter low in Q1;

4. auto fuel net marketing margin was up 24% YoY at Rs 2.6/litre; and

5. auto fuel consumption was down 16% YoY and total product consumption down 12-16% YoY in July-August 2020 (for September 2020, press reports suggest petrol consumption was up 2% YoY and diesel down just 7% YoY).

Click on the attachment to read the full report:

ICICI Securities Oil & Gas Q2FY21 Preview.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.