Crude price range of $75–$80/bbl is ideal to maintain growth profitability for both upstream and oil marketing cos, ICICI Securities says.

Indian fuel prices at pumps have not changed for several months, Brent prices are hovering around $79/bbl, up 3% for the week so far.

Recent trends in product spreads imply that gross refining margins will remain in $7–$8/bbl range (Singapore), which translates to a $2–$3/bbl premium for Indian oil marketing cos – brokerage.

Says for upstream, any price above $75/bbl is historically strong; for gas companies, reduction in LNG prices by $1.2–$1.3/MMBtu is a material benefit.

Oil & Natural Gas Corp ONGC.NS, Oil India OILI.NS up 4.3%, 14.3%, respectively; OILI rose as much as 19% to hit record high of 406.40 rupees per share.

Nifty energy index .NIFTYENR rise as much as 1.6% to record high, up ~29% YTD.
Source: Reuters (Reporting by Sethuraman NR in Bengaluru)