InvestorQ : Why did the oil and gas companies like ONGC, Petronet LNG and IGL rally sharply on 19 May?
Debbie Mascarenhas made post

Why did the oil and gas companies like ONGC, Petronet LNG and IGL rally sharply on 19 May?

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Crowny Pinto answered.
11 months ago
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Crude oil in the Brent market touched $34/bbl, having gained more than 100% from the lows of April 20, when WTI had slipped into negative zone. This gave a big boost to oil extraction companies. The Oil & Gas index gained 2% with key gains coming from ONGC (up 7%), Petronet (up 5%) and IGL (up 2%). ONGC has dipped sharply from Rs.178/- after the oil prices started crashing due to the global slowdown. Even the WTI crude which had dipped into negative on April 20, has now scaled above the $30/bbl mark. May 19 is a crucial date as the June contract for WTI deliverable contracts expires on Tuesday. However, brokers, exchanges and clearing houses have taken adequate precautions to avoid a repeat of what happened in April.

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