Synopsis
The pan-European STOXX 600 index rose 0.1 per cent, holding just below its all-time high hit in the previous session.
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Oil and gas stocks rose 1.1 per cent to lead sectoral gains in Europe as crude prices extended gains after OPEC and its allies stuck to their plan to cautiously bring back supply to the markets in June and July.
European stocks inched toward record levels on Wednesday, helped by energy and consumer stocks, while strong economic data from U.S. and Europe buoyed investor sentiment. The pan-European STOXX 600 index rose 0.1 per cent, holding just below its all-time high hit in the previous session.
Natural Gas News
The future of natural gas in a low-carbon world: GECF and Shell present divergent pathways [Gas in Transition]
May 3, 2021 10:15:am
Summary Shell sees natural gas demand peak in 2034 in its new Sky 1.5 scenario, which is designed to keep temperature increase limited to 1.5 degrees. From that point on, the role of gas will dwindle quickly, to virtually nothing by century’s end. By contrast, the Global Gas Outlook 2050 from the Gas Exporting Countries’ Forum (GECF) sees no peak at all for gas demand up to 2050 and views gas as the great winner of the energy transition. What are the assumptions behind these widely different perspectives? And how should gas companies deal with this kind of uncertainty? [Gas in Transition, Volume 1, Issue 1]
Shares of GAIL India, ONGC gained today following rally in global crude oil prices
Share price of oil and gas companies including GAIL India Limited and Oil and Natural Gas Corporation (ONGC) Limited surged on Friday, March 5, after global oil prices jumped more than $1 a barrel, hitting their highest levels in almost 14 months. This came after OPEC and its allies agreed not to increase the supply in April as they await a more substantial recovery in demand amid the COVID-19 pandemic. On Friday, GAIL India surged over two per cent on the BSE. It opened at Rs 144.05, touching an intra day of Rs 149.95 and an intra day low of Rs 144.05, so far. Shares of ONGC opened on the BSE at Rs 116.25, touching an intra day high of Rs 118.20 and an intra day low of Rs 113.90, so far.
Explore Now
Nomura, India has buy call on Indian Oil Corporation (IOC) with a target price of Rs 130. The current market price of Indian Oil Corporation is Rs 100.6.
Indian Oil Corporation, incorporated in the year 1959, is a large cap company with a market cap of Rs 94,659.37 Crore, operating in gas & petroleum sector.
Indian Oil Corporation s key products/revenue segments include petroleum refinery products, other operating revenue, grants, scrap, subsidy, sale of services and income from sale Of share & securities for the year ending 31-Mar-2020.
Investment rationale
The brokerage raised the target price though the company s refining remains weak, as retail price hikes make marketing outlook better.