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COVID-19 - News digest as of 18.02.2021

February 18/2021

1. Wood Mackenzie: Energy transition to drive refinery and petrochemicals integration

MOSCOW (MRC) -- 2020 was a difficult year for the worlds refineries as the coronavirus pandemic reduced refinery utilization and OPEC+ supply restraint narrowed crude price differentials, said Hydrocarbonprocessing. Despite this, integrated refinery and petrochemical sites significantly outperformed their fuels-only peers, according to Wood Mackenzie. One of the most highly integrated sites in China, Hengli, generated a net income of more than USD1.4 B during 1Q to 3Q 2020, at a time when most of the refining industry was incurring significant losses. Alan Gelder, Wood Mackenzie VP Refining, Chemicals & Oil Markets, said: Over the coming years, the energy transition and the associated electrification of the passenger car fleet will slow the pace of global gasoline demand growth and drive it into decline after 2030.

2. Repsol chemical business earnings rise on higher utilization, margins, sales

MOSCOW (MRC) -- Repsol has reported a EUR102-million (USD123 million) rise year on year (YOY) in fourth-quarter operating income in its chemicals business, due mainly to higher utilization rates, petrochemical margins, and sales, combined with reduced costs, reported Chemweek. Specific figures for operating income and chemical sales for the quarter and comparative prior-year period were not provided. The chemicals business sits within Repsols industrial segment, for which adjusted net income in the fourth quarter was EUR68 million, down 72% YOY from EUR242 million, but swinging sequentially from a loss of EUR67 million in the third quarter. The earnings decline was due to primarily to negative market conditions related to COVID-19 in the companys refining activities, operations in Peru, and to a lesser extent in its trading, and wholesale and gas-trading businesses. This was partially offset by the strong performance of chemicals and lower taxes due to a lower operating income, it says. Sales totaled EUR6.69 billion for the quarter, down from EUR9.40 billion a year earlier, but improving from EUR5.89 billion in the third quarter.

3. Crude oil futures dip on stronger dollar, technical correction

MOSCOW (MRC) -- Crude oil futures inched lower during mid-morning trade in Asia Feb. 17, coming under pressure from a stronger US dollar and a technical correction in the overbought oil markets, as well as rising expectations of easing supply curbs from OPEC+ at its March 3 meeting, reported S&P Global. At 10:37 am Singapore time (0237 GMT), the ICE Brent April contract was down 21 cents/b (0.33%) from the Feb. 16 settle at USD63.14/b, while the March NYMEX light sweet crude contract was 20 cents/b (0.33%) lower at USD59.85b. The US dollar strengthened on the back of higher US 10-year Treasury bond yields, which jumped amid inflationary expectations as the global economy continues its path of recovery from the coronavirus pandemic, causing weakness in oil markets.
Author:Margaret Volkova
Tags:Asia, Europe, PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Repsol, COVID-19, Spain, USA.
Category:General News
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