据能源世界网1月10日新德里报道，印度在受新冠疫情影响的那一年的大部分时间里，印度石油营销公司(OMC)的业绩表现良好，但在2020-21财政年度的第三季度，他们的收益可能会减少。
印度OMC在21财年上半年表现良好，库存增加。由于10月和11月的低油价将导致印度石油公司(IndianOil)、巴拉特石油公司(Bharat Petroleum)和印度斯坦石油公司(Hindustan Petroleum)等公司的库存减少，这些公司的命运可能会转向不利。尽管如此，这些公司在汽油和柴油上的市场利润率仍保持良好水平。
据Emkay Global Financial Services的一份分析报告称，我们估计，由于炼油库存增长下降，OMC的收益将会下降。由于天然气价格下跌，上游将受到影响。GAIL将从更高的液化石油气石化产品价格和改善的液化天然气交易中受益。GSPL将受到RIL减产的影响。
第三季度，布伦特原油均价上涨4%，至44.6美元/桶，尽管收盘时上涨至51.2美元/桶。只有在12月份价格才普遍上涨。
在本报告所述期间，汽车燃料销售利润率也稳定在4-5卢比/升。在此期间，印度卢比均升值，而国内天然气价格下降，但现货液化天然气价格大幅上涨。
随着经济继续从疫情导致的破坏中得到改善，21财年第三季度的交易量进一步复苏。油产品需求同比略有下降，而天然气需求恢复正常。炼油厂的产量有所改善，但CNG产量同比下降了8%-10%。
据经纪报告称，PLNG将看到Dahej利用率出现季度性下降。 Emkay在报告中表示，由于利润率稳定且销量环比上升，IGL应报告强劲的数字。GGL的利润率将受到现货液化天然气价格上涨的影响。零售和O2C的增长将支撑RIL的收益。
郝芬 译自 能源世界网
原文如下：
Oil Marketing Companies may see earnings erode in third quarter 2020-21
After having a good run in most parts of the Covid-19 affected year, oil marketing companies may see an squeeze in their earnings in the October-December quarter of 2020-21 financial year.
OMC have had a good run in the first half of FY21 with higher inventory gains, fortunes may turn against the companies as lower oil prices in October and November months would result in inventory losses for companies such as IndianOil, Bharat Petroleum, Hindustan Petroleum. This even though, the companies continued to maintain good levels of marketing margin "We estimate OMCs' earnings to be lower qoq due to a fall in refining inventory gains. Upstream would suffer due to a decline in gas prices. GAIL would benefit from higher LPG-petchem prices and improved LNG trading. GSPL would be affected by RIL's volume cut," an analysis done by Emkay Global Financial Services said.
The average Brent price rose 4 per cent qoq to $ 44.6/bbl in Q3 though closing higher at $ 51.2/bbl. The higher prices prevailed During the period under review, auto fuel marketing margins were also steady at Rs4-5/litre. Average rupee strengthened during the period while Domestic gas prices declined though spot LNG rates saw a sizable jump.
Q3FY21 witnessed further recovery in volumes as the economy continued to improve from Covid-19-led disruption. Oil product demand was slightly down yoy, while gas demand was back to normal. Refinery throughput improved but CNG volumes were down 8-10 per cent yoy.
According to the brokerage report, PLNG would see some seasonal decline in Dahej utilization. "IGL should report strong numbers as margins were steady and volumes up qoq. GGL's margins would be affected by a jump in spot LNG. RIL's earnings would be supported by an uptick in Retail and O2C," Emkay said in its report.
