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COVID-19 - News digest as of 11.05.2021

May 11/2021

1. Saudi Aramco beats quarterly profit forecast with 30% rise in Q1 2021 earnings

MOSCOW (MRC) -- State-run oil producer Saudi Aramco beat analysts' forecasts with a 30% rise in first-quarter net profit, helped by strong oil prices, reported Reuters. Earnings by global energy companies such as Exxon Mobil have climbed on the back of rising crude prices, which are up by about a third this year, as fuel demand recovers from the pandemic and as a global surplus of crude shrinks. "Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming," Amin Nasser, chief executive of the world's top oil exporter, said in a statement. "And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover," he said.

2. Crude oil futures rangebound in Asia on dampened market sentiment due to threat of coronavirus spread from India

MOSCOW (MRC) -- Crude oil futures were rangebound during mid-morning trade in Asia May 7 as the threat of mutant coronavirus strains from India dampened market sentiment, but a weaker US dollar provided tailwind to prices, reported S&P Global. At 11:12 am in Singapore (0312 GMT), the ICE Brent July contract was up 27 cents/b (0.4%) from the May 6 settle at USD68.36/b, while the June NYMEX light sweet crude contract was up 29 cents/b (0.45%) at USD65/b. The debilitating second wave of the pandemic in India continued to limit the market's upside. The country reported a record 412,431 new COVID-19 infections on May 5, with the death toll at another record high 3,980, latest data from John Hopkins university showed.

3. Lotte Chemical Titan posts highest-ever quarterly profit in Q1 2021 from loss a year earlier

MOSCOW (MRC) -- Lotte Chemical Titan Holding Bhd (LCT) has reported its highest-ever quarterly profit after tax at RM441.28 million in the first quarter ended March 31, 2021 (1QFY21), versus a loss after tax of RM169.5 million a year earlier as the petrochemical products manufacturers revenue rose due to the increase in average product selling price and sales volume in tandem with the Covid-19 vaccine-driven global economic recovery, reported The Start with reference to a filing with Bursa Malaysia. In filings with Bursa Malaysia today, Lotte Chemical Titan said 1QFY21 profit rose on higher average product selling price and lower feedstock costs and as plant utilisation rate increased. Lotte Chemical Titan said 1QFY21 net profit rose to RM440 million from a net loss of RM170.06 million a year ago as revenue climbed to RM2.37 billion from RM1.46 billion.
Author:Margaret Volkova
Tags:Asia, PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Exxon Mobil, Honam Petrochemical, Lotte Chemical, Saudi Aramco, COVID-19, India, Malaysia, Saudi Arabia, USA.
Category:General News
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