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1. Chinese refiners cool on crude purchases as oil futures
rally
MOSCOW (MRC) -- China"s crude oil imports are set to slow in the
second quarter after Brent prices hit a 13-month high, cooling demand and
capping refiners" margins as they prepare to shut for planned maintenance,
industry sources and analysts said, as per Hydrocarbonprocessing. Expectations
of a recovery in global fuel demand and tighter oil supplies from Saudi Arabia
and the United States pushed front-month Brent futures to their highest since
January 2020 this week, up around 30% from January. Chinese independent
refiners, who account for a fifth of the country"s import demand, have become
reluctant to buy cargoes as they enter a low-demand season, while domestic
margins have yet to catch up with strong gains in international prices, the
sources said.
http://www.mrcplast.com/news-news_open-384339.html
2.
Oil firm delays integrated complex restart, sees challenging year
MOSCOW
(MRC) -- Malaysia"s Petronas delayed the launch of its Pengerang Integrated
Complex until the second half of the year from the first, but dismissed rumours
partner Saudi Aramco was looking to exit the USD27 billion project, said
Hydrocarbonprocessing. The state oil firm Petronas said it faced another
challenging year after booking a 1.1 billion ringgit (USD272 million) loss for
the final quarter of 2020, its third quarterly loss in a row though higher
prices and demand for liquefied natural gas (LNG) helped. The world"s
fourth-biggest LNG exporter had earned a profit of 4.1 billion for the
October-December quarter a year earlier. "The outlook remains challenging with
modest recovery in demand and oil prices, as the COVID-19 impact still continues
with the emergence of new surges in cases," Petronas CEO Tengku Muhammad Taufik
Tengku Aziz said.
http://www.mrcplast.com/news-news_open-384341.html
3.
Tronox income up on higher TiO2, zircon volumes
MOSCOW (MRC) -- Tronox
(Stamford, Connecticut) reports fourth-quarter adjusted net income of USD28
million, up 47% year-over-year (YOY) from USD19 million, driven by higher
titanium dioxide (TiO2) and zircon volumes, according to Chemweek. Adjusted
earnings per share came to USD0.19, missing the consensus estimate of USD0.26 as
compiled by Zacks Investment Research. Net income from continuing operations
totaled USD57 million, up from USD1 million in the year-ago quarter. Sales
totaled USD783 million, up 13% YOY from USD693 million. TiO2 revenues totaled
USD587 million, up 8% YOY on an 8% increase in volume. �TiO2 sales volumes
increased globally year-over-year (YOY), led by South and Central America,
followed by North America and Europe, Middle East, and Africa,� says the
company. Zircon revenues totaled USD94 million, up 32% YOY as a 48% increase in
volume, mainly on demand recovery in China, offset a 10% decline in price.
Revenues from feedstock and other products totaled USD94 million, up 31%
YOY.
http://www.mrcplast.com/news-news_open-383980.html
4.
Orbia earnings triple YOY on strong PVC, construction
MOSCOW (MRC) --
Orbia Advance (Mexico City, Mexico) reports fourth-quarter net income of USD98
million, up 227% year-over-year (YOY) from USD30 million, said Chemweek. Revenue
totaled USD1.742 billion, up 6% YOY from USD1.636 billion, mainly driven by
higher sales in polymer solutions, building and infrastructure, and data
communications, says the company. EBITDA increased 30% YOY to USD383 million,
driven largely by higher prices of polyvinyl chloride (PVC) and specialty
products in the polymer solutions segment and favorable market conditions in
building and infrastructure. Assuming no significant unexpected disruptions
related to the COVID-19 pandemic, Orbia expects EBITDA to increase by 4-7% in
2021, driven by economic recovery.
http://www.mrcplast.com/news-news_open-384353.html
5.
Crude slides on stronger dollar; market eyes OPEC+ supply boost
MOSCOW
(MRC) -- Crude oil futures finished the week sharply lower as a stronger dollar
and expectations of rising global supply continued to pull prices off 13-month
highs seen earlier last week, reported S&P Global. NYMEX April WTI settled
USD2.03 lower at USD61.50/b and ICE April Brent declined 75 cents to USD66.13/b.
Notably the Feb. 26 session was the last day of trading for the April Brent
contract, and its prompt expiry may explain why it showed a relatively modest 1%
decline compared with front-month WTI, which slid more than 3% in the session.
The second-month Brent contract settled down around 2.6% on the day.
http://www.mrcplast.com/news-news_open-384392.html |
