Oil prices slip as physical excess overpowers OPEC GLOBAL-OIL

By Libby George

LONDON - Oil slid back towards multi-month lows on Thursday, after a brief recovery early in the session, as traders warily eyed a glut of physical supply that has persisted despite OPEC-led efforts to balance the market.

Brent crude futures were down 15 cents at $44.67 a barrel at 0850 GMT, after spending much of the Asian trading day in pos

Iran says OPEC considering deeper output cuts, delegates sceptical

BEIRUT/LONDON  - OPEC members are considering further oil output cuts but should wait until the effect of the current reduced level of production is made clear, Iran said on Wednesday, hinting at possible further OPEC action after oil sank to a seven-month low.

OPEC and allied outside producers agreed on May 25 to extend an existing supply cut into 2018, but oil

Norway offers record number of blocks for Arctic oil exploration

By Nerijus Adomaitis and Alister Doyle

OSLO  - Norway offered a record number of blocks for oil and gas exploration in the Arctic Barents Sea on Wednesday, brushing off concerns about the risks of drilling in the remote, icy environment.

The oil ministry proposed 102 blocks, comprising 93 in the Barents Sea and nine in the Norwegian Sea, despite calls f

Petronet in talks to buy 25% stake in GSPC's Mundra LNG terminal

Petronet LNG Ltd, India's biggest importer of liquid gas, is in talks to buy 25 per cent stake in Gujarat State Petroleum Corporation's (GSPC) almost- complete Rs 4,500-crore Mundra LNG import terminal in Gujarat, reported PTI.

The 5-million tonne a year import terminal, the third facility in Gujarat for import of natural gas in its liquid form in ships, is nearing completion

Accumulate Castrol India Ltd For Target Rs.473.00 - Kotak Sec

*  Castrol's performance is better than our expectation. The company has reported a PAT growth of 15% qoq and 4% yoy basis to Rs.1.79 bn mainly on account of better realization. Overall operating margin remained flat at 26% (product mix improved) in Q1CY17 despite raw material price pressure and higher employee cost. As against industry wide declining volumes, Castrol has reported marg

21/06/2017 3:36:42 PM | Posted in Broking Firm Views - Long Term Report read full news
BPCL seeks 70,000 tonnes petrol to plug supply gap

SINGAPORE/BANGALORE  - India's Bharat Petroleum Corp Ltd is seeking gasoline in a rare move, due to a scheduled, month-long shutdown of a crude unit and a continuous catalytic reformer (CCR), sources said on Wednesday.

BPCL will shut a 100,000-barrel-per-day (bpd) crude unit for a month from July 29 and the CCR from August 6 at its 190,000-bpd Kochi refinery

Petroleum ministry establishes GST facilitation cell for all stakeholders

With a view to facilitate the implementation of GST for the stakeholders concerned with Ministry of Petroleum and Natural Gas and its organizations, a GST facilitation cell has been established, according to an official statement.

The GST Facilitation Cell has been constituted to serve as the first point of contact for industry to facilitate, guide and provide all support to the stake

Oil falls as bulls discount OPEC cuts, set for worst H1 since 1997

By Amanda Cooper

LONDON  - Oil steadied on Wednesday, paring earlier losses, but was set for its largest price slide in the first half of any year for the past two decades, as investors discounted evidence of strong compliance by major producers with a deal to cut global output.

August Brent crude futures were flat at $46.02 a barrel by 1107 GMT, having

Reliance shuts DHDS for 2-3 weeks at 580,000 bpd refinery - sources

NEW DELHI - India's Reliance Industries Ltd has shut a diesel hydro desulphuriser (DHDS) at its export-focused 580,000 barrels per day refinery for about two to three weeks for maintenance, two industry sources said on Tuesday.

Reliance, owner of the world's biggest refining complex, has two mega-sized refineries with combined capacity of 1.2 million bpd at Ja

Buy Castrol India Ltd For Target Rs.531.00 - Motilal Oswal

EBITDA above estimate; volumes flat YoY, up 7% QoQ

* CSTRL’s 1QCY17 revenue grew 4% YoY and 13% QoQ to INR8.8b, marginally beating our estimate of INR8.5b, led by (a) YoY flat volumes, and (b) higher realizations on account of price hikes. Volumes were flat YoY but grew 7% QoQ to 50.2m liters. Implied realizations were higher at INR176/liter (+4

20/06/2017 2:35:26 PM | Posted in Broking Firm Views - Long Term Report read full news
Derivative Ideas Indraprastha Gas Ltd For Target Rs.1,125.00 - Religare Sec

Derivative Ideas

IGL added around 1.50% of open interest as fresh long positions along with some delivery based buying in previous trading session. On charts, it has created a fresh buying pivot on Monday near its price support zones (1055-1060) on daily charts after witnessing marginal profit taking from its all time highs. Current ch

20/06/2017 1:33:26 PM | Posted in Broking Firm Views - Short Term Report read full news
Oil prices hit seven-month lows on global oversupply

By Christopher Johnson

LONDON  - Oil prices fell to seven-month lows on Tuesday after news of increases in supply, a trend which has undermined attempts by OPEC and other producers to support the market through reduced output.

Benchmark Brent dropped $1.06 to a low of $45.85 a barrel, its weakest since Nov. 18, just before OPEC and other producers agree

Interview: France's Total to go ahead with major Iran gas project - CEO

By Ron Bousso and Dmitry Zhdannikov

LONDON  - Total will go ahead with development of a giant Iranian gas field this summer, its CEO told Reuters, in the first major western energy investment in the country since Tehran signed an international nuclear deal.

Chief Executive Patrick Pouyanne said the French group would make an initial $1 billion investmen

India asks Qatar to invest in power plants as condition for LNG deals

By Neha Dasgupta

NEW DELHI  - India on Tuesday said it would sign future long-term liquefied natural gas (LNG) purchase deals with Qatar if only Doha agrees to acquire stakes in the South Asian nation's power plants, oil minister Dharmendra Pradhan said.

India is the latest major LNG buyer to seek concessions from Qatar, the world's biggest LNG

Oil prices hold near seven-month lows, glut keeps dragging

By Aaron Sheldrick

TOKYO - Oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices.

Brent futures were up 4 cents at $46.95 at 0214 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $46.91 a barrel.


Reliance jumps nearly 2% on BofAML survey report

Shares of Reliance Industries rose nearly 2 per cent on the Bombay stock Exchange after a report by Bank of America Merill Lynch (BofAML) highlighted that nearly 90 per cent of Reliance Jio users are estimated to have subscribed to its promotional Prime membership plan.

Adding to it, a data released by the Telecom Regulatory Authority of India (TRAI) showed that its subsidiary Relianc

Buy Reliance Industries Ltd For Target Rs.1,550.00 - Sharekhan

Reliance Industries (RIL) and British Petroleum (BP) organised a press conference yesterday to discuss their vision on upstream business in India and also explore partnership opportunities in the downstream fuel retailing and other segments of energy value chain. We believe that the vision to invest Rs40,000 crore to ramp up production from KG basin fields is a step in right direction though th

19/06/2017 2:26:02 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Petronet LNG Ltd For Target Rs.462.00 - Kotak Sec

Spot LNG prices continues to trade lower in a range of US$5.1 - 5.5/mmbtu due to large liquefaction plants coming up in Australia and US. Further, the long term LNG prices are expected to be lower due to supply glut. Needless to say, spot LNG prices may see short-term fluctuations due to seasonal demand. Softer LNG prices will continue to attract demand from various sectors and thus helping PLN

19/06/2017 2:11:08 PM | Posted in Broking Firm Views - Long Term Report read full news
INSIGHT - Innovators toil to revive Canada oil sands as majors exit

By Nia Williams and Ernest Scheyder

CALGARY, Alberta/HOUSTON  - In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands.

They are searching for a breakthrough that will cut th

19/06/2017 12:36:50 PM | Posted in Commodity Top News read full news
Oil prices pause after sharp falls

By Libby George

LONDON - Oil prices edged higher on Monday, pausing for breath after coming under pressure over the past month from rising production in the United States, Libya and Nigeria, which has taken the edge off an OPEC-led initiative to support the market by cutting production.

Brent crude futures were trading 17 cents higher at $47.54 per barrel by

19/06/2017 11:49:25 AM | Posted in Commodity Top News read full news
Kochi-Mangaluru pipeline to be completed by next year : Ananth Kumar

Union Chemicals and Fertilisers Minister Ananth Kumar on Sunday said laying of a natural gas pipeline from Kerala's Kochi to Mangaluru will be completed by next year.

"I have discussed with Union Petroleum and Natural Gas Dharmendra Pradhan the progress of laying natural gas pipeline. He assured me that the work will be completef by next year," he told reporters after in

Russian oil major Rosneft to tap Indian retail fuel market : Dharmendra Pradhan

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday said the Russian oil major Rosneft plans to tap the retail fuel market in India in a big way.

"The Russian oil major who took over Essar Oil recently is planning in a big way to make inroads into India's retail fuel market," Pradhan told reporters after attending the City Gas Distribution (CGD) project

Buy Castrol India Ltd For Target Rs.532.00 - Motilal Oswal

* We expect revenue to remain flat YoY (and grow +10% QoQ) at INR8.5b led by volume growth of ~1% YoY and realization at INR169/liter (flat YoY, +2% QoQ).

* We expect CSTRL to report EBITDA of INR2.3b (-7% YoY, +8% QoQ). EBITDA margin would be 27.4%, lower than 29.5% in 1QCY16.

* We estimate net profit at INR1.6b (-7% YoY, +2% QoQ).

* The stock trades at 28.8x CY17

17/06/2017 11:54:07 AM | Posted in Broking Firm Views - Long Term Report read full news
Oil prices edge up; still near 2017 lows on stubborn glut

By Julia Simon

NEW YORK - Oil prices on Friday bounced up off the year's lows as some producers reduced exports and U.S. rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply.

Brent crude futures  rose 45 cents to settle at $47.37 per barrel and U.S. West Texas

17/06/2017 11:44:50 AM | Posted in Commodity Top News read full news
Funds pull back from Permian as U.S. shale oil firms go into overdrive

By Julia Simon

Cash, people and equipment are pouring into the prolific Permian shale basin in Texas as business booms in the largest U.S. oilfield. But one group of investors is heading the other way - concerned that shale may become a victim of its own success.

The speed of the recovery in the U.S. shale industry in the past year has surprised oil investors after a global

17/06/2017 10:10:31 AM | Posted in Commodity Top News read full news