WOOD Flash – European refining and petrochemicals margins monthly: September 2020
Another month, another set of dreary depressing margin figures for the refining segment. The WOOD benchmark was back in positive territory after turning negative in the previous month, reaching USD 0.6/bbl. There was a small improvement in heavy/light differentials, while gasoline cracks strengthened to USD 4.0/bbl and diesel cracks weakened to just USD 0.6/bbl. Diesel prices are the most critical part of margins for refiners in emerging Europe, so this trend is bad news. Hellenic Petroleum recorded a negative model margin for the fifth month in a row, while MOL and PKN Orlen’s margins were both at USD 1.1/bbl. Petrochemicals continues to be the relatively bright spot, with both ethylene and propylene margins flat vs. the previous month and propylene recording above-average margins for the second month in a row. Aromatics continue their poor run, but polyolefin margins have improved, polyethylene up EUR 109/mt and polypropylene up EUR 57/mt. PKN Orlen’s margins increased by EUR 14/mt, while MOL’s margins were up EUR 20/mt.
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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