European Oil and Gas Monthly: September 2022
Oil prices continued to decline in September, reaching USD 90.6/bbl, from USD 97.7/bbl in August. 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 18.2/bbl, its lowest level since March 2022 but still USD 7.2/bbl better than the monthly average. Diesel cracks rose significantly but petrol cracks fell sharply and are now below average for the first time since January. Petrochemical margins continued to sink, particularly olefins, with propylene margins negative. The margin declines are due to oversupply, in our view.
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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