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Oil & Gas: Crude prices up

Anand Rathi | 16 Dec, 2010  | Follow Author | Add to my Favourites 
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Refining margins during 1-15 Dec '10 were $6.5/bbl, up $0.3/bbl from the previous fortnight on expectation of strong winter demand. Beginning 3QFY11 till date, margins are high, at $5.4/bbl vs. $4.2/bbl in 2QFY11.

Anand Rathi estimate margins to average at $4/bbl in FY11e vs. FY10 average of $3.5/bbl. Dubai-Arab heavy spread was $2.6/bbl, down $1.0/bbl from the previous fortnight.

Auto-fuel losses increase: Based on average global gasoil and gasoline prices during 1-15 Dec, auto-fuel under-recoveries for 16-31
Dec are likely to be RS5.9/litre vs. Rs4.8/litre the previous fortnight. Losses were higher, despite Rs3/litre increase in domestic petrol
prices, on account of higher crude and stronger international product-cracks.

Crude prices up: For 1-15 Dec, the Brent crude price was up $5.9/bbl from the previous fortnight, on account of expectation that the colder-than-normal winter would deplete the excess inventory in OECD countries. Natural gas prices were up $0.3/mBtu and averaged US$4.6, on winter demand expectation.

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