Oil & Gas - crude prices soar on MENA crisis - Edelweiss

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WTI crude prices surged 15.4% M-o-M due to loss of Libyan production and fear that the crisis may spread to other OPEC producers. Simple, Complex and Singapore refining margins surged 29.7%, 20.6% and 14.4% M-o-M, respectively, during March. Heavy product cracks such as jet/kerosene and diesel improved 17.2% and 31.2% M-o-M, respectively. Light product cracks like gasoline at USD 12.3/bbl (USD 11.7/bbl) and naphtha at USD -1.0/bbl (USD -2.5/bbl) also improved M-o-M. Under recovery for gasoline stood at INR 4.3/lt, diesel averaged INR 12.6/lt, for LPG at INR 265/cylinder and for kerosene at INR 23.6/lt in March.

Some major company events during the month:

ü  Cairn's Mangala pipeline delayed by at least six months due to local protests. 

ü  Essar Oil in pact with Sydney-based green fuel firm Clean Global Energy to diversify into underground coal gasification.

ü  Finance Ministry releases government’s share of subsidy of INR 210 bn to oil marketing companies for 2010-11.

ü  CBM gas from Raniganj sold at USD 7/mmbtu, 67% premium over the price of RIL's KG-D6 gas.

ü  RIL output may fall to 38 mmscmd (excluding 8 mmscmd from MA) in 2012-13.

ü  NELP IX: 10 blocks go to ONGC, 2 to RIL. Auctions saw 10 new players making their entry.

ü  Sebi clears Sesa Goa open offer for Cairn India.