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Crude Oil Price Spike: HPCL, peers fall up to 5%, gas stocks rally as crude spikes to $113/bbl
Higher crude prices typically weigh on oil marketing companies such as HPCL, BPCL, and IOC, as rising input costs can compress margins. Sectors like paints are also impacted, given that nearly 50% of their raw material costs are linked to crude derivatives.
US-Iran War News Live Updates: Strikes Hit Largest Natural Gas Field In Iran; Tehran Launches More Attacks
Iran War Live Updates
Centre links extra LPG allocation to PNG push amid supply crunch; urges states to fast-track gas pipeline rollout
The government is offering more commercial LPG to states. This is to encourage faster rollout of piped natural gas infrastructure. States need to expedite clearances for pipeline laying. They also need to waive charges for city gas networks. This move comes amid LPG shortages due to West Asian tensions. India prioritizes domestic fuel needs.
India orders oil and gas firms to share data with central agency
In an effort to enhance transparency, India's government has directed oil and gas companies to submit detailed data on production, imports, stocks, and consumption. The Petroleum Planning and Analysis Cell will gather and scrutinize this vital information, marking a significant step towards establishing a streamlined system for monitoring the petroleum and natural gas sectors in the interest of the public.
GIFT Nifty slides as Iran flags gas field strike, warns of Gulf oil attacks
GIFT Nifty fell 1% after Iran reported US-Israeli airstrikes on its gas field. Oil prices surged, Iran threatened strikes, and the Indian rupee hit a record low.
Brent crude rebounds 9.6% from day's low to $110 on reports of attack on Iran’s South Pars gas field
Crude oil prices rose 9% after an attack on Iran's South Pars gas field, part of the world's largest natural gas deposit. Reports suggest Israel, with US consent, targeted the site, escalating tensions and risking global energy security amid ongoing military conflict in the region.
Hormuz chokehold leaves over 1.7 million tonnes of India’s oil, LNG and LPG cargo stranded
In the heart of the Persian Gulf, twenty-two Indian vessels laden with essential oil and gas remain stranded. With millions of tonnes of crude oil, LPG, and LNG in limbo, these ships are eagerly awaiting clearance to navigate the obstructed Strait of Hormuz. The current turmoil has significantly impacted India's energy supplies.
Why this jump in gas prices feels different
Gas prices have surged nearly a dollar per gallon since the war in Iran began, marking the second-largest four-week increase in three decades. This rise, driven by oil supply disruptions, disproportionately impacts lower-income households. Despite increased vehicle efficiency and electric car adoption, many drivers still face significant cost increases at the pump.
PNG demand surges in NCR as LPG worries mount; IGL ramps up connections, app sign-ups spike
Concerns over LPG availability are driving a significant shift towards piped natural gas. Indraprastha Gas Limited is seeing a surge in app registrations and new PNG connections. This trend spans households and businesses. The company is scaling up its installation capacity to meet growing demand. Government policies are also encouraging this transition.
$200 crude oil scenario: How Reliance Industries, ONGC & OMCs stack up
Global oil prices are soaring, threatening India's import-reliant economy. A potential $200 per barrel scenario looms, impacting refiners and oil marketing companies severely. While Reliance Industries shows resilience, upstream players like ONGC face price caps. Gas companies grapple with supply route disruptions, potentially affecting industrial users and CNG availability.
ONGC Share Price Live Updates: ONGC's closing price report
Asia markets could see 15-20% downside if oil hits $120-130: Morgan Stanley
Jonathan Garner, Chief Asia and Emerging Markets Equity Strategist, Morgan Stanley, says the risk is not just higher oil prices but disruption in supply flows across oil and gas. He flags that this could hit industrial production, including fertilisers, and weigh on economic activity across Asia, which remains highly dependent on energy imports.