HDFC Securities
The oil sector has seen unprecedented upheaval since Sep-14. Crude prices have cracked ~50% and are currently at ~USD 55/bbl. The popular consensus is that crude will remain muted owing to rising shale oil supplies in USA, a persistent focus on market share by OPEC and high crude inventories globally. Surprisingly, Singapore complex gross refining margins (SGRMs) have doubled to ~USD 10/bbl.
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