Opportunity in refinery stocks

However, energy prices can reverse direction sharply and suddenly

Refineries have been standout performers during Q3, 2019-20 (October-December 2019). This is because international crude and gas prices have remained low during this period. This is one of the few positives of a slow-growth global economy.
 
On average, the Indian crude basket cost $62.6 per barrel between October-December 2019. The average price for the fiscal (April-December 2019) was $64. It would have been even lower but for tense Iran-US relations. This was substantially less than the $69.9 per barrel average of 2018-19 and also less than the $67.75 of October-December 2018.
 
Five refiners/marketers (including Reliance Industries or RIL)