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Informist, Friday, Sept. 11, 2026

 

MUMBAI – Analysts expect oil and gas companies to move sideways in the coming week amid higher crude oil prices. The Nifty Oil & Gas index is likely to show weakness ahead after the sectoral index ended almost 1% higher Friday.

 

The November futures contract of Brent crude oil is up nearly 9% this week and traded near $105 per barrel at 1815 IST Friday. Prices have risen due to concerns over crude oil supply from West Asia as the war between the US and Iran escalated and Iran-aligned Houthis in Yemen targeted oil facilities in Saudi Arabia.

 

"Higher crude oil prices are positive for upstream companies, but there's no follow-up buying seen in those stocks," Ruchit Jain, head of technical research at Motilal Oswal, said. "So no major moves are expected there," he said.

 

"The 2QFY27 (Jul-Sept) outlook for OMCs (oil marketing companies) is sequentially better than 1QFY27 (Apr-Jun), despite continued volatility stemming from the Middle East conflict," according to an Emkay Global Financial Services report on the sector. "While 2Q (Jul-Sept) earnings should be better than 1Q (Apr-Jun), the continued escalation in the ME (West Asia) leaves the earnings trajectory below our initial expectations and poses downside risk to our full-year earnings estimates," Emkay said.

 

"Oil Marketing Companies are currently earning only INR 2 per litre in gross integrated margins on petrol and diesel, compared to a long-term average of INR 12 per litre," an analyst covering the oil sector at a top broking firm said. "If spot crude prices rise by $4/bbl (per barrel), reaching $110/ barrel, OMCs (oil marketing companies) will incur losses on petrol and diesel sales," he said.

 

The November futures contract of Brent crude oil is up nearly 9% this week and traded near $105 per barrel at 1815 IST Friday. Prices have risen due to concerns over crude oil supply from West Asia as the war between the US and Iran escalated and Iran-aligned Houthis in Yemen targetted oil facilities in Saudi Arabia.

 

The analyst does not anticipate any price increases for petrol or diesel in the near future, even if crude oil prices remain high, due to upcoming festivals and state assembly elections. He also said there is a significant risk of erosion in oil marketing companies' book value and increasing debt levels.

 

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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:

 

Company	Price	Week-on-week  change in %	Resistance	Support
Bharat Petroleum Corp.	304.50	(-)3.60	312.80	291.90
Hindustan Petroleum Corp.	352.00	(-)1.30	363.80	334.20
Indian Oil Corp.	135.11	(-)1.80	137.80	131.90
Oil & Natural Gas Corp.	232.50	(-)0.90	246.70	225.40
Oil India Ltd.	489.80	0.30	522.30	469.20
Reliance Industries Ltd.	1257.50	(-)4.90	1273.70	1244.90
Index	Levels
NIFTY OIL & GAS	10937.00	(-)2.20	11035.80	10858.30
Nifty 50	23398.10	(-)2.10	23575.90	23142.50
S&P BSE Sensex	74781.76	(-)2.30	75376.70	73862.70

 

End

 

US$1 = INR 95.55

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Arundathi A R

Edited by Shubhayan Bhattacharya

 

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