India has asked all its refiners to maximise production of liquefied petroleum gas and make the fuel available only to three state-run companies - Indian Oil (IOCL IS), HPCL (HPCL IS) and BPCL (BPCL IS), a government cited by ET order showed.
Newsquawk Staff ·
India has asked all its refiners to maximise production of liquefied petroleum gas and make the fuel available only to three state-run companies - Indian Oil (IOCL IS), HPCL (HPCL IS) and BPCL (BPCL IS), a government cited by ET order showed.
What it means
India's directive to refiners to maximize LPG production and restrict supply to just three state-run companies signals a shift in its domestic energy strategy. This could lead to tighter supplies in the market, potentially influencing global LPG pricing and impacting related commodities, especially in WTI. Traders should watch for possible reactions in energy futures and related equities as the market digests this regulatory stance.
Sources
- US EIA Heating Oil Stocks Change (Oct/23) 0.164M (Prev. 0.652M)
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- EIA Cushing Crude Oil Stocks Change (Oct/23) -0.624M (Prev. 0.987M)
- US EIA Refinery Crude Runs Change (Oct/23) -0.123M (Prev. 0.034M)
- Equinor (EQNR NO) CEO says what happens in the Middle East determines the price of oil, refined products and gas; hopes that Britain will approve the Rosebank oilfield
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