The Core Report #815 Markets Jump In Best Session In Over A Month
Mar 5, 2026
C S Vigneshwar, President of FADA, speaks on booming retail vehicle sales, falling inventories and rising demand for CNG, LPG, hybrids and EVs. Sehul Bhatt, Director at CRISIL/Crystal Intelligence, breaks down LNG movements, gas supply risks and the price implications for India's energy security. Markets jump, airlines add long-haul capacity and India’s West Asia trade exposure also feature prominently.
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India Highly Exposed To Middle East Energy Disruptions
- India relies on West Asia for about 40% of oil and almost 90% of LNG/LPG, making regional tensions a direct market risk.
- MRPL shut units and India's crude stocks cover only ~25 days, forcing talks about sourcing Russian cargoes and potential export cuts.
Gas Supply Risk Could Hit Fertiliser And City Gas Quickly
- Natural gas is more vulnerable than crude because storage days are much lower and fertilizer and CGD sectors depend heavily on imports.
- Qatar halted production and spot LNG prices roughly doubled, risking curtailments already seen in Gujarat and Maharashtra.
Budget For Expensive LNG When Diversifying Suppliers
- Expect to diversify LNG sourcing but budget for much higher prices if switching to US or non-Gulf suppliers.
- Sehul Bhatt warns elevated supply-risk premia mean spot LNG will remain costly until routing and Qatar production normalize.