Oil, Gas Sector Check - IEA Sees Demand Slowdown Amid Weak Margins: Nirmal Bang

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Nirmal Bang Report.Weak refining margins and tepid retail pump margins imply weak Q1 FY25 for oil marketing companies. The roll-back of the cut in March 2023 looks slim, at least for now. States raising VAT as done by Karnataka is an added worry that could hamper OMCs’ price hikes or Union Government raising excise duty to mop up additional revenue. Spot LNG prices have spiked by ~7% QoQ in Q1 FY25 due to anticipated increase in power demand for cooling amid rising summer temperatures. Further, the outage in an Australian LNG production unit is likely to keep Asian LNG prices buoyant..Slowdown in global oil demand growth.International Energy Agency expects a slowdown in global oil demand growth – CY24 growth is estimated at 960 kb/d, which is 100 kb/d below last month’s forecast. Weak Organization of Economic Cooperation and Development deliveries resulted in global demand witnessing a narrow YoY contraction in March-23. IEA also expects subpar oil demand growth of 1mn bpd in CY25 – tempered by a muted global economy and accelerating deployment of clean energy technology..Click on the attachment to read the full report:.Uno Minda Hits Life High After Goldman Sachs Initiates Coverage With 'Buy'.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Oil, Gas Sector Check - IEA Sees Demand Slowdown Amid Weak Margins: Nirmal Bang

Asian refining margins retreated to three-year lows in May-24, which is close to levels that could force cut in refinery operating rates.

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Oil, Gas Sector Check - IEA Sees Demand Slowdown Amid Weak Margins: Nirmal Bang

Asian refining margins retreated to three-year lows in May-24, which is close to levels that could force cut in refinery operating rates.

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