Oil & Gas Q1 Preview - YoY Jump For Most Companies, But HPCL And BPCL Down: ICICI Securities

A gas flare stands beyond oil processing and refining structures. (Photographer: Akos Stiller/Bloomberg)

Oil & Gas Q1 Preview - YoY Jump For Most Companies, But HPCL And BPCL Down: ICICI Securities

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 Securities Report

Key trends in oil and gas sector in Q1 FY22 were:

  1. Dubai and brent crude were up 109-118% YoY at $66.5-68.6/barrel of oil on a very low base;

  2. domestic gas price was down 25% YoY but flat QoQ at $2.0/metric million British thermal unit (10-year low);

  3. Reuters’ Singapore gross refining margin was at a seven quarter high but weak at $2.05/barrel of oil;

  4. auto fuel net marketing margin was down 77% YoY at Rs 1.4/ litre; and

  5. 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.

Click on the attachment to read the full report:

ICICI Securities Oil&Gas Q1FY22 Preview.pdf

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