WOOD Flash – European refining and petrochemicals margins monthly: October 2020
It hardly heralds the start of a new bull market in refining, but October was the month when everyone’s benchmark margin was finally positive again. The WOOD benchmark was USD 1.6/bbl, a dollar above the level of the previous month. Diesel cracks improved by USD 1.3/bbl, fuel oil by just USD 0.4/bbl and gasoline cracks were flat. Differentials, meanwhile, were marginally worse. After five months of negative margins, Hellenic Petroleum posted a benchmark of USD 0.7/bbl, while MOL was up to USD 1.8/bbl and PKN Orlen USD 1.7/bbl. Both ethylene and propylene margins fell marginally, by 3% and 7%, respectively, in October. Propylene margins remain stronger than the average for the month, however. Polyolefin margins had a good month, with polyethylene up to EUR 550/mt and polypropylene increasing to EUR 130/mt. Hellenic Petroleum’s petchem margins were down 8% vs. the previous month, MOL was down 5% and PKN Orlen fell by just 1%.
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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