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Informist, Friday, Mar. 13, 2026

MUMBAI – Shares of oil and gas companies are expected to fall next week amid ongoing military conflict in West Asia. The continuing hostilities have led to a surge in crude oil prices due to supply worries. On Friday, the Nifty Oil & Gas ended over 2% lower at 11286.80 points.    

"The Nifty Oil & Gas is feeling the heat of turbulence in the Middle East. It is currently trading on the verge of a price support breakdown..." Vipin Kumaar, assistant vice-president at Globe Capital Market, said. Kumaar is of the view that a sustained move below 11200 points may drag the sectoral index toward 10700 to 10900 points. The immediate resistance for the index is seen around 11650-11900 points, he added. The Nifty Oil & Gas remained largely lower throughout the week. Friday, barring Castrol India Ltd., all the other constituents in the index ended in red. Adani Total Gas was the worst hit stock in the index, closing nearly 7% lower.  

The continued closure of the Strait of Hormuz risks crude oil rising $110–$150 per barrel in four to eight weeks, Nuvama Institutional Equities said. The releasing of strategic reserves may provide near-term relief but may lead to future demand restocking, the brokerage said.

The May Futures of Brent Crude Oil hit a high of $102.75 per barrel Friday. The new supreme leader of Iran said that the strategically vital maritime route, the Strait of Hormuz, will be closed as a "tool to pressure the enemy." This weighed on the crude oil supply disruptions worries. At 1738 IST, the May Futures of Brent Crude Oil was at $98.78 per barrel, up nearly 2% from the previous close of $102.75. The crude oil rates rose nearly 42% since the commencement of military action in West Asia between the US, Israel and Iran.   

Indian oil marketing companies and GAIL (India) Ltd. are likely to face cash flow pressure from prolonged oil and gas supply due to the West Asia conflict, Fitch Ratings said in a report. India imports nearly half of its liquefied natural gas, with the West Asia supplying about 60% of LNG, according to Fitch Ratings. "This concentration exposes GAIL's transmission and marketing to supply disruption," the agency said.

Moreover, city gas distributors are likely to see a decline of 8-10% in their daily sales volume due to natural gas supply constraints, Crisil Ratings Ltd. said. Piped natural gas to industrial and commercial businesses are likely to be impacted the most, while minimal impact is seen on the supply of compressed natural gas and of piped natural gas for domestic usage, the ratings agency said. Indraprastha Gas Ltd., Mahanagar Gas Ltd., Gujarat Gas Ltd., and Adani Total Gas Ltd. are the major city gas distributing companies.   

TOP HEADLINES

* Strong balance sheet to aid India cos growth amid surge in crude: S&P Global
* Govt appeals to consumers to avoid panic booking of LPG cylinders
* SPOTLIGHT: Respite from IEA reserves seen fleeting, crude oil to stay firm
* Seeing 1st energy crisis of current scale, India well stocked - Oil minister
* IEA lowers 2026 global oil market outlook on 'largest supply disruption'
* TV: Iran allows India-flagged tankers to pass through Strait of Hormuz
* IEA to release 400 mln bbl oil to offset loss of supply from Strait of Hormuz
* OPEC retains 2026 oil demand growth view at 1.4 mln bpd; 2027 view also unch
* Govt goes all out to halt panic booking of LPG cylinders, says output up 25%
* India's Russian oil imports may surge over 2 mln bpd after US waiver - Kpler
* Govt goes all out to halt panic booking of LPG, says production up 25%
* Moody's sees W Asia war put pressure on state-run oil cos margin, cash flow
* Adani Total Gas cuts supply to industrial customers after co's supply hit
* India's purchase of Russian oil keeping prices stable, recognises US' Gor
* Brent crude seen above $95/bbl next 2 mos on W Asia supply disruptions - EIA
* America First Refining gets 9-figure investment from global co for refinery
* PRESS: Hit by LPG shortage, restaurants cut menus; NRAI issues advisory
* US President Trump thanks RIL for investing in new refinery in Texas
* Taking steps to maximise LPG production at Jamnagar facility, says RIL
* OMCs take steps to boost LPG production, availability for domestic consumers
* Govt forms panel to review LPG supply to restaurants, hotels amid W Asia war
* FOCUS: Nifty 50 may fall 5% more if Brent crude stays above $100 for 4 weeks
* Reuters: G7 nations hold off on releasing emergency oil reserves for now
* Govt takes more steps to ensure LPG supply, prioritises domestic use
* Don't see rise in petrol, diesel prices in foreseeable future - Govt source
* PG Electroplast faces gas supply shortage amid ongoing conflict in West Asia
* Crude oil prices soar past $115/bbl on persistent hostilities in West Asia
* PRESS: Centre working to reduce LNG shortfall for fertiliser plants
* Brent crude surges over $91/bbl on supply concern amid West Asia hostilities
* IOC denies reports of petrol, diesel shortage; says have sufficient stocks
* SPOTLIGHT:US waiver for Russia oil interim relief for India, W Asia still key
* MRPL adequately stocked, no plan to shut ops amid Iran war woes - Govt source
* DSP MF says crude oil at $120/bbl can push India FY27 CAD beyond 3.1% of GDP

Following are the resistance and support levels for key oil stocks for next week as per calculations based on their prices on the National Stock Exchange:

End

US$1 = INR 92.46

Reported by Adhithya Aji

Edited by Deepshikha Bhardwaj

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