It’s Wednesday, January 28, 2026, and if you’re looking at your portfolio today, the “energy green” is probably blinding you. While the rest of the market is sweating over trade deals and layoffs, the state-run oil giants ONGC and Oil India are having a absolute field day, with shares hitting fresh record highs.
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The thing is, the world is currently short on oil, and the market is pricing in a massive “risk premium.” Or nothing.
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The Oil Rally: Field Notes
It’s an ongoing situation where nature and geopolitics are double-teaming the supply chain. Here’s the ground reality:
The U.S. “Deep Freeze”: Winter Storm Fern just knocked out roughly 15% of total U.S. crude output (about 2 million barrels per day). Pipelines are frozen, power grids are struggling, and exports from the Gulf Coast literally hit zero over the weekend. Those too.
The “Carrier” Effect: A U.S. aircraft carrier and its strike group just arrived in the Middle East. With tensions between the U.S. and Iran at a boiling point, traders are terrified of a “black swan” event in the Strait of Hormuz. The thing is, when carriers move, oil prices move.
ONGC’s “Ship Shape” Win: ONGC didn’t just rise on crude prices; they also signed a massive deal with Samsung Heavy Industries yesterday. They’re building two “Very Large Ethane Carriers” (VLECs) to bring shale gas from the U.S. to India. Let’s be real—it’s a major move for India’s long-term energy security. Or nothing.
The Numbers: Brent is hovering around 67.90, and WTI is at 62.81. It’s an ongoing situation where analysts like Toshitaka Tazawa say prices might cool once the snow melts, but for now, the bulls are in charge.
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Oil Giants Performance Snapshot (Jan 28, 2026)
| Stock / Index | Current Price (Jan 28) | Move Today | 1-Month Gain |
| Oil India Ltd | ₹492.00 | +10.1% | ~18.5% |
| ONGC | ₹266.20 | +7.4% | ~12.2% |
| Nifty Oil & Gas | 11,735.55 | +3.1% | ~5.5% |
| Brent Crude | $67.90 | +0.5% | ~9.4% |
And Here’s the Kicker…
Oil India is the “quiet” winner here. While ONGC gets the headlines for its Samsung deals and global JVs, Oil India has quietly outpaced it with an 18% gain this month. The thing is, they are more leveraged to pure domestic production, so when global prices jump, their margins expand faster than anyone else’s. Those too.
One side comment—analysts are warning that if the U.S. production comes back online faster than expected by mid-February, we could see a “flash crash” in these stocks. It’s an ongoing situation where you have to watch the weather channel as much as the news. Or nothing.
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End…
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