Oil & Gas Q1 Preview - YoY Jump For Most Companies, But HPCL And BPCL Down: ICICI Securities
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ICICI Securities Report
Key trends in oil and gas sector in Q1 FY22 were:
Dubai and brent crude were up 109-118% YoY at $66.5-68.6/barrel of oil on a very low base;
domestic gas price was down 25% YoY but flat QoQ at $2.0/metric million British thermal unit (10-year low);
Reuters’ Singapore gross refining margin was at a seven quarter high but weak at $2.05/barrel of oil;
auto fuel net marketing margin was down 77% YoY at Rs 1.4/ litre; and
auto fuel consumption was up 22-35% YoY and total products up 19% YoY on a low base but down 12-18% YoY over Q1 FY20 levels.
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