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COVID-19 - News digest as of 19.01.2021

January 19/2021

1.Chemical shipments fall 8.9% at Port of Antwerp in 2020

MOSCOW (MRC) -- Shipments of chemicals through the port of Antwerp, Belgium, declined 8.9% in 2020 compared to 2019, although no full-year chemical volumes total has been made available, said Chemweek. Annual liquid bulk volumes declined by 4.2% in total year on year (YOY) to 69 million metric tons (MMt) in 2020, with crude oil shipments plummeting 60% YOY due to reduced refining activities, says Port of Antwerp. Throughput of oil derivatives, however, recovered with growth of 3.4% despite an initial fall in demand due to the coronavirus pandemic and the sharp drop in oil prices, it says. Fertilizer shipments also declined YOY, but no specific volume figure was given.

2. Crude rises as IEA expects lower OPEC+ production in 2021

MOSCOW (MRC) -- Crude prices rose Jan. 19 after data released by the International Energy Agency expected a 300,000 b/d drop for OPEC oil production in 2021 at 27.7 million b/d, and on favorable economic signals in the US and China, reported S&P Global. At 12:29 pm London time (1229 GMT), the ICE March Brent contract was up 62 cents/b from the Jan. 18 settle at USD55.38/b while the NYMEX February light sweet crude contract was up 50 cents/b at US52.55/b. IEA data released Jan. 19 also showed a 240,000 b/d reduction in its outlook for oil demand across 2021 at 5.5 million b/d, emphasizing the mixed fundamentals in the crude oil market. "Despite rising COVID-19 cases, crude oil prices are well supported by financial, economic and market fundamentals," the IEA said.

3. Global refinery throughput expected to rebound in 2021: IEA

MOSCOW (MRC) -- Global refinery throughput is expected to rebound by 4.5 million b/d in 2021 after a 7.2 million b/d drop in 2020, reported S&P Global with reference to the International Energy Agency's statement Jan. 19. IEA projects 78.9 million b/d throughput this year, versus 76.9 million b/d in 2020, when refinery rates were impacted by COVID-19. Refinery runs rose 2.6 million b/d in November 2020 to 76.1 million b/d, "the largest monthly gain in seven years," according to the IEA, which attributed the increase to refineries returning "from peak maintenance."
Author:Margaret Volkova
Tags:Asia, Europe, PP, PE, crude and gaz condensate, petrochemistry, Belgium, China, USA.
Category:General News
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