European Demand Recovery Key To Oil, Gross Refining Margin Outlook: ICICI Securities

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U.S. snowstorms last week led to fall, closure of oil output, refining and petrochemical capacities.

U.S. oil output recovery is faster (90% restarted as of February 23) while restart of refineries and petrochemical plants is likely to take longer.

The shutdowns have boosted Singapore gross refining margin to the highest level since March-20 and further boosted already strong polyethene and polyvinyl chloride margins.

Net auto fuel marketing margin in Q4 FY21-to-date is at its lowest in nine quarters but is up from lows due to retail price hikes of 9-10%.

More hikes are needed to prevent the margin from plunging in March-21 and being over Rs 2.5/litre from April-21.

Click on the attachment to read the full report:

ICICI Securities Oil&Gas Update.pdf


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