European Oil and Gas Monthly: August 2022
Oil prices continued to decline in August, reaching USD 97.7/bbl, from USD 105/bbl in July. Demand worries are, once again, the most significant factor, in our view. Supporting the hypothesis of weakening demand, the WOOD refining margin has fallen to USD 18.5/bbl, the lowest level since March 2022, but still USD 7.5/bbl better than the monthly average. Diesel cracks are actually marginally better but, as the driving season winds down, petrol cracks are back to levels close to the average for the season. Petrochemicals prices fell sharply again, narrowing the margins across most product groups. In particular, olefin margins are very poor, with propylene going negative.
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.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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