Oil, Gas, Spot LNG Surge To Bring Gains For GAIL, Oil India: ICICI Securities
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ICICI Securities Report
Japan Korea Marker spot liquefied natural gas prices, which fell from record highs in January 2021 to $5.6/metric million British thermal unit in March 2021, have rebounded to $12.1/mmbtu.
Low gas inventories in North Asia and Europe (at three-year low) due to cold winters and outages at LNG export plants, have meant the two regions are competing with each other for supply thereby, leading to surge in both European gas and Asian spot LNG prices.
GAIL Ltd. is set to gain from oil and spot LNG surge, which augurs well for its FY22-FY23E gas marketing Ebitda outlook.
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