News: Fall in crude oil prices (due to US recession risk) and strengthening gas prices (due to lowered Norwegian oil and gas output to Europe) will likely impact Gujarat Gas (in CGD sector) the most in our coverage universe
Views: Industrial PNG comprises 65-70% of GGL volume mix, which is typically sensitive to lower crude oil prices (shift from gas to diesel for energy). Except Gail, other gas stocks (intermediates and distributors) will likely be negatively impacted due to higher gas prices
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