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Brent crude corrected sharply in May by 8%, averaging USD111/bbl with worsening situation in Europe. INR depreciated 5.1% against USD. Refining margins fell in-line with crude prices. Indian complex GRMs and Singapore GRMs declined USD2.1/bbl and USD0.2/bbl, respectively, due to fall in gasoline and naphtha cracks. In marketing, LPG under-recoveries eased 20.2% MoM to INR360/cyl due to low traded LPG prices in April (which have subsequently further corrected in May). Petrol, diesel and kerosene under-recoveries averaged INR5.2/ltr, INR12.4/ltr and INR30.9/ltr respectively. Top Picks: BPCL, PLNG, ONGC.
Some major company events during the month
· GAIL signed the GSPA with Turmen Gas (Turkmenistan) for TAPI pipeline. First gas will be delivered to India in 2017
· RIL-BP-Niko surrendered the Mahanadi gas block possibly due to low domestic natural gas prices.
· OMC’s hiked the petrol prices by INR 6.28/lt (excluding taxes) on May 23.
· Finance ministry announced contribution of INR 385 bn towards under recoveries for Q4FY12. This helped the OMC’s report profits for FY12.
Regards,
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