Oil & Gas Sector Update - Turnaround In Marketing Margins: Systematix

BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Systematix Research Report.Crude oil prices were largely flattish during February 2023 and dropped between 0.5%-2.5% and were trading in between $79-$86/barrel of oil. Fear of global recession and higher Organization of the Petroleum Exporting Countries output led to rise in global inventory level. Though OPEC production rose 150 thousand barrles per day in Feb-23, still 700 kbpd lower from Sep-22. U.S. oil inventory rose for the third month in a row and increased 27 million bbls to 480 million bbls while Organization for Economic Cooperation and Development inventory increased marginally by 11 million bbls to 2.8 billion. However, impact of lower oil prices were reflecting in rig addition as number of rigs in U.S. declines further by 14 rigs in Feb-23 to 758 rigs. Asian spot LNG prices continued their downtrend this week, hitting the lowest level since July 2021, due to tepid demand growth and higher inventory levels. During Feb-23, Japan Korea LNG marker price dipped 32% month-on-month to average $16.8/metric million British thermal unit. Prices are expected to remain sluggish on the back of-higher inventory levels in Europe (Currently at 57%),restart of U.S.’s largest Freeport LNG terminal,strong wind power generation, andglobal economic slowdown. However, Chinese import has seen sharp bounce back and economic activity in coming months may have a significant say in LNG prices..Click on the attachment to read the full report:.India Logistics Tracker - Activity Picks Up In February: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime 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 BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Oil & Gas Sector Update - Turnaround In Marketing Margins: Systematix

Economic growth concern and marginal rise in OPEC supply keep oil prices on check.

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