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Market move▼ Bearish for Indian equities
Refiners feel heat physical crude trades higher than futures prices
The brief
- Indian refiners are paying significantly more for physical crude than futures prices
- Constrained Gulf supplies are keeping physical crude prices elevated
- Higher crude procurement costs can squeeze margins at Indian refiners
- Nifty slides to six-month low as US-Iran deal hopes fade, oil tops $100 a barrel
- Indian refiners buy costly West Asian barrels as Russian supply narrows
- Brent Stays Elevated Even As Saudi Arabia's East-West Pipeline Resumes Oil Exports
- Oil prices fall after Iran asks U.S. to return to failed memorandum of understanding from June
- Replacing 1 million bpd of Russian oil could cost India up to $3.7 billion annually