ONGC has rallied 45 percent in the last six months and has surged 81 percent over the past eight months, especially after gradual increase in oil prices in the international markets.
Crude oil (Source: Reuters)
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Oil & National Gas Corporation (ONGC) share price gained 3.5 percent to close at Rs 117.65 on June 1, following the rally in global oil prices amid rising hope for recovery in demand.
The stock has rallied 45 percent in the last six months and surged 81 percent over the last eight months, especially after gradual increase in oil prices in the international markets.
State-owned Oil India, too, gained 3 percent to close at Rs 136.50, taking the total last six month’s gains to around 37 percent.
Brent crude August futures, the international benchmark for oil prices, traded at $ 70.78 a barrel, up 2.11 percent at the time of publishing this copy, ahead of OPEC+ meeting scheduled later today. In the last 8 months, oil price climbed from $ 37.46 a barrel on October 30, 2020, to $ 70.78 a barrel today, an 89 percent jump.
The rise in oil price in the international market impacts the average realisation of every barrel of oil sold by the state-owned oil & gas exploration company, as it produces around two-third of country’s crude oil.
Experts feel increasing demand optimism in the US, UK, and Eurozone are likely to keep oil prices higher. “The summer driving season officially got underway following the Memorial Day weekend, which has increased fuel consumption in the US i.e. largest energy consumer in the world,” said Abhishek Bansal, Founder Chairman at Abans Group.
Tracking firm GasBuddy said Sunday’s US gasoline demand jumped 9.6 percent above the average of the previous four Sundays, the highest Sunday demand since the summer of 2019, he added.
All eyes would also be on OPEC meeting scheduled today given the backdrop of rising crude oil prices lately. “The street expects decision to gradually increase output from July onwards. Any stalemate of this front, could see crude price moving towards $ 80 a barrel mark and stroke inflationary concerns globally,” said Gaurav Dua, SVP, Head – Capital Market Strategy at Sharekhan by BNP Paribas.
