Oil and Gas stocks were trading in red, with the S&P BSE Oil&Gas index decreasing 24.13 points or 0.16% at 14779.73 at 13:49 IST. Among the components of the S&P BSE Oil&Gas index, Reliance Industries Ltd (down 0.92%), Castrol India Ltd (down 0.72%),Hindustan Petroleum Corporation Ltd (down 0.6%),Gujarat State Petronet Ltd (down 0.3%),Oil & Natural Gas Corpn Ltd (down 0.19%), were the top losers. Among the other losers were Indraprastha Gas Ltd (down 0.15%), and GAIL (India) Ltd (down 0.04%). On the other hand, Indian Oil Corporation Ltd (up 0.5%), Bharat Petroleum Corporation Ltd (up 0.28%), and Petronet LNG Ltd (up 0.13%) turned up.
At 13:49 IST, the S&P BSE Sensex was down 51.02 or 0.1% at 49108.3.
Energy stocks were trading with losses, with the S&P BSE Energy index falling 41.13 points or 0.65% at 6238.8 at 13:49 IST. Among the components of the S&P BSE Energy index, Hindustan Oil Exploration Company Ltd (down 1.76%), Confidence Petroleum India Ltd (down 1.61%),Gujarat Gas Ltd (down 1.51%),Aegis Logistics Ltd (down 0.95%),Reliance Industries Ltd (down 0.92%), were the top losers. Among the other losers were Castrol India Ltd (down 0.72%), Hindustan Petroleum Corporation Ltd (down 0.6%), Selan Explorations Technology Ltd (down 0.42%), and Oil & Natural Gas Corpn Ltd (down 0.19%). On the other hand, Adani Total Gas Ltd (up 2.72%), Goa Carbon Ltd (up 1.03%), and Mangalore Refinery And Petrochemicals Ltd (up 0.64%) moved up.
updated: Apr 06 2021, 14:10 ist
Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
Energy relations between India, the world s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
State-run refiners have placed orders to buy 9.5 million barrels of Saudi oil in May, compared with the previously planned 10.8 million barrels, three sources said.
At current price, the lowest price for the 5.5 mmscmd of gas that RIL-BP are auctioning comes to near USD 6.5 per mmBtu. But they will be entitled to a maximum of USD 3.62 per mmBtu ceiling fixed by the government for a six-month period to September 30.
Reliance Industries Ltd and its partner BP Plc of UK have sought bids for sale of 5.5 million standard cubic meters per day of additional natural gas that will be available for sale from their eastern offshore KG-D6 block. The e-auction is slated for April 23 and the gas supply will start from late April or early May, according to the tender document. Bidders will have to quote a price linked to Platts JKM (Japan Korea marker), the liquefied natural gas (LNG) benchmark price assessment for spot physical cargoes. The lowest bid that can be placed is JKM minus USD 0.3 per million British thermal unit. The highest acceptable bid would be JKM plus USD 2.01 per mmBtu.