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COVID-19 - News digest as of 22.04.2021

April 22/2021

1. Global crude oil demand to peak several years earlier than expected - in 2026

MOSCOW (MRC) -- The rapid adoption of electric vehicles (EV) around the world is likely to cause global oil demand to peak two years earlier than previously expected, reported Reuters with reference to Norway"s biggest independent energy consultancy Rystad. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast made in November of a peak in 2028 at 102.2 million bpd, Rystad Energy said. "The adoption of electrification in transport and other oil-dependent sectors is accelerating and is set to chip away at oil sooner and faster than in our previous forecast," Rystad wrote. Before the outbreak of the COVID-19 pandemic in early 2020, Rystad had anticipated that peak oil demand would be reached in 2030 at 106 million bpd.

2. Russia GDP in March grew for the first time in a year

MOSCOW (MRC) - Russia's gross domestic product (GDP) grew by 0.5%  in March on an annualized basis, Vedomosti reports citing data from the Ministry of Economic Development. According to the ministry, monthly GDP growth was recorded for the first time since March last year. At the same time, according to the results of the first quarter, GDP decreased by 1.3% in annual terms. In the fourth quarter, according to Rosstat, the decline in GDP was 1.8%. The ministry records growth in the manufacturing industry - in March the figure was 4.2% against a decline of 1.7% in February. "The main contribution was made by the industries of machine-building and chemical complexes. Also, steady growth continued in the light industry and the woodworking complex, positive dynamics in the food industry resumed, the decline in oil refining and the metallurgical complex slowed down," the report says.

3. Kazanorgsintez reduced revenue by 13% last year

MOSCOW (MRC) - Kazanorgsintez (KOS, part of the TAIF Group), a major Russian polymer producer, has cut revenue by 13% to RUB 62.8 billion in 2020, Business Online reports. The indicators of the Tatarstan plastic manufacturer cannot be considered in isolation from the general market situation. And the PPI-ST index, reflecting the dynamics of prices for large-tonnage plastics, sank 9% last year, from 99.4 thousand rubles per ton to 90.7 thousand rubles. The minimum indicator over the past two years fell on June 2020 with its 81.1 thousand rubles, however, the quotes, having found the bottom, quickly went up and closed the year at the maximum values ??in 24 months at the level of 107.1 thousand rubles. The plastics market has moved in line with the general environment in the world since the announcement of the COVID-19 pandemic. Also, prices for plastics correlate with prices for natural gas, which is the main raw material for their production. In the second half of 2019 and exactly until June 2020, quotations on the gas market decreased to USD1.43 per million BTU, and then sharply surged upward, ending the year at USD2.55 per million BTU.

4. Lenzing raises its earnings outlook for 2021

MOSCOW (MRC) -- Fiber producer Lenzing got off to a better-than-expected start to the financial year 2021, with preliminary EBITDA (earnings before interest, tax, depreciation and amortization) rising by 36.8% year-on-year to EUR 94.5 mn in the first quarter of 2021, according to MarketScreener. Despite the continuing high degree of volatility in the textile sector due to the COVID-19 pandemic, the Managing Board of the Lenzing Group raises its guidance for the 2021 financial year: The Lenzing Group expects the operating result to be at least at the level of the pre-crisis year 2019.

5. Crude oil futures fell on latest US EIA statistics and concerns over pandemic-induced demand

MOSCOW (MRC) -- Crude oil futures fell during mid-morning Asian trade April 22 following the latest release of the US Energy Information Administration's weekly statistics, which was a mixed bag, and as sentiment slumped on pandemic-induced demand concerns after India reported record high COVID-19 infections, reported S&P Global. At 11:03 am Singapore time (00303 GMT), the ICE Brent June contract was down 28 cents/b (0.42%) from the April 21 settle at $65.04/b, while the June NYMEX light sweet crude contract was 30 cents/b (0.49%) lower at $61.05/b. EIA data released late April 21 showed that commercial crude stocks had climbed 600,000 barrels to 493.02 million barrels in the week ended April 16. The build came as a surprise to analysts, who had expected inventories to fall by 4.4 million barrels instead, according to an S&P Global Platts survey.
Author:Margaret Volkova
Tags:Asia, Europe, PP, crude and gaz condensate, fibers/filaments, petrochemistry, Kazanorgsintez, COVID-19, Russia, USA.
Category:General News
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