IDBI Capital: Energy Sector Check - Higher Crude Oil Price, Lower Gross Refining Margin
Oil storage tanks stand at the oil refinery in Incheon, South Korea. (Photographer: SeongJoon Cho/Bloomberg)

IDBI Capital: Energy Sector Check - Higher Crude Oil Price, Lower Gross Refining Margin

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

IDBI Capital Report

Crude oil prices improved in the month of November on demand recovery and hopes on Covid-19 vaccine.

Brent crude oil price rose by 6.8%% month-on-month to average 43.2/barrel of oil U.S. dollar in Nov-20.

U.S. total rig counts which touched a low of 244 rigs at mid-August 2020 now increased to 320 at the end of Nov-20, though significantly lower compared to 830 rigs in same period last year.

Though demand for crude oil has improved but still significantly lower versus its peak of approximately 100 million barrels per day.

Click on the attachment to read the full report:

IDBI Capital Energy Sector Update .pdf

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