Prefer upstream companies on spike in crude oil and expected gas realization. Crude oil prices have increased sharply to ~USD90/bbl, due to healthy demand recovery coupled with geo political tension. With onset of state elections in key Indian states next month, we believe OMCs marketing margins may come off from current Rs4.5/3.0litre levels for diesel and petrol. This will likely impact OMCs stock performance, despite healthy refining margins which have improved from pick-up in economic activity and gas to oil switch. We leave our earnings and recommendation unchanged but prefer...