WOOD Flash – European refining and petrochemicals margins monthly: March 2021
The refining margin picture was mixed in March, entirely due to crude differentials moving in different directions. Gasoline prices improved, diesel weakened and fuel oil was flat. The WOOD benchmark fell, but the north-west Europe (NWE) complex benchmarks rose a few tens of cents per barrel. Hope springs eternal on the differential front, with OPEC planning more than 1m bpd of production increases between now and July. Petrochemicals were a different story altogether, with ethylene, propylene, benzene and polyethylene recording huge margins: the follow-on impact of closures in the US. Central European refineries gained from better Urals pricing, while the Med remained in the doldrums. PKN Orlen, MOL and Hellenic Petroleum all enjoyed petrochemicals margins above those seen for many years.Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.
Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
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