WOOD Flash – European refining and petrochemicals margins monthly: July 2020
July saw improvements for all the companies’ refining margins, which is unsurprising because both June was so extremely poor, and July saw big gains in demand. The WOOD benchmark declined however, as it uses Middle Eastern crude oils, which continue to be very expensive. Product crack margins are beginning to improve, however, with: gasoline at USD 2.1/bbl, turning positive after two months in negative territory; diesel edging higher to USD 5.8/bbl; and fuel oil maintaining its strength of the last few months. Hellenic Petroleum is the only company with negative margins, at -USD 0.7/bbl, but this is still a USD 1.8/bbl improvement over June. Both MOL and PKN Orlen posted positive model margins. Petrochemical margins also saw improvements: olefin margins expanded; benzene margins also got a little better, although they are still very weak; and polyethylene margins rose EUR 27/mt to EUR 383/mt. Only polypropylene margins fell, but are still above-average for the month. PKN Orlen continues to post above-average petchem margins, while MOL’s margins were flat at EUR 314/mt, 26% below average.
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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