Oil & Gas Q1 Preview - Oil Prices, Inventory Gains To Drive Earnings: ICICI Direct

A flair shoots out of a tower at a refinery. (Photographer: Brett Gundlock/Bloomberg)

Oil & Gas Q1 Preview - Oil Prices, Inventory Gains To Drive Earnings: ICICI Direct

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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.

ICICI Direct Report

Global crude oil prices continued to move upwards in Q1 FY22 and surpassed pre-Covid-19 level.

Brent crude oil prices on a closing basis jumped $14.7/barrel of oil QoQ to $75.1/bbl as Organization of the Petroleum Exporting Countries plus production remained below pre-Covid-19 level leading to a deficit of oil supply.

Subsequently, average crude oil prices increased by $7.9/bbl to $68.6/bbl.

Hence, net realisations of upstream companies are expected to increase QoQ as well as YoY.

Click on the attachment to read the full report:

ICICI Direct Oil&Gas Q1FY22E Result Preview.pdf

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