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