The hottest oil price rebounds, refining enterpris

2022-08-20
  • Detail

Oil prices rebounded, refining enterprises' profits rebounded, and refined oil will be more used for export

the continuous decline in crude oil prices has caused heavy losses to the already surplus refining and chemical oil market, and many local refineries under greater financial pressure began to stop production to avoid losses

the sudden rapid rebound in crude oil prices in recent days has led to a rapid rise in the ex factory prices of gasoline and diesel oil in domestic refining and chemical enterprises. The refining profits of some local refineries have increased significantly in the short term, and the refining business has quickly turned around losses

although the rebound in oil prices has brought benefits, refining and chemical enterprises are still facing the problem of overcapacity. Industry analysts told that if the oil price remained low for a long time in the future, it would be good for refining and chemical enterprises in the long term. The surplus of domestic refined oil products will promote more refined oil products to be exported abroad

oil price rebounded, and the profits of refining and chemical enterprises rebounded.

since the second half of 2014, the international oil price has continued to plummet, the domestic petrochemical industry has been severely hit, and the cost of oil refining enterprises has been running at a high level, while the output revenue has been shrinking, resulting in a significant increase in the number and amount of losses of oil refining loss making enterprises

refineries in places with tight funds were seriously damaged. According to the data provided by industry institutions, as of mid December 2014, Shandong local refineries, whose local refining capacity accounted for more than 70% of the country, had an average profit of -24.58 yuan/ton in processing Shengli crude oil, of which the maximum loss of processing Shengli crude oil in mid December was 665 yuan/ton, while the average loss of processing M100 fuel oil was 664 yuan/ton

industry insiders told that for refining and chemical enterprises, the main reason for the decline in profits or even losses caused by the decline in oil prices is that there is a time difference of about 45 days between raw materials and output. "At present, more than 60% of the crude oil used for refining in China comes from imports, and 50% of the imported crude oil comes from the Middle East. In the process of the decline in the price of oil fine spherical aluminum powder, which belongs to the category of new materials, the price of crude oil delivered to enterprises has been lower than that at the time of purchase, and the corresponding sale price of enterprises after refining will be lower. Therefore, refining enterprises have been losing money in the process of the decline in oil prices."

the recent rebound in crude oil prices has enabled many enterprises to quickly turn losses into profits with a grid connected wind power installed capacity of 150million kW, and the profits of some Shandong local refineries processing Shengli crude oil have even risen by 1270 yuan/ton. Industry analysts told that affected by the rebound in the price of fly ash chemical oil in the original table 1, the refineries have significantly pushed up the price of gasoline and diesel. As of February 4, the refining profit of Shandong local refining company processing Shengli crude oil increased from a loss to 562 yuan per ton. In addition, although the refining profit of processing M100 fuel oil was still at a loss, it also increased by 335 yuan/ton

refined oil will be more used for export

"in the medium and long term, if the international oil price remains low for a long time, it will provide long-term development impetus for oil enterprises." Analysts analyzed that the output has also increased year by year. "First, the production cost of refining and chemical enterprises can be reduced; second, low oil prices can stimulate the consumption level of the downstream, thereby increasing demand, which in turn will promote the development of the industry."

relevant people also believe that as long as the oil price is relatively stable, refining and chemical enterprises can get relatively stable profits; If the oil price keeps rising, refining and chemical enterprises will usher in a profitable period

with the short-term rise in oil prices, refining and chemical enterprises have turned losses into profits, but at present, refining and chemical enterprises are still facing the threat of overcapacity. According to the data provided by industry institutions, since 2013, domestic refining and chemical production capacity has accelerated expansion, of which 668 million tons were in 2013, an increase of 22% year-on-year; In 2014, it reached 732 million tons, an increase of 64 million tons over the previous year

capacity expansion has led to the current excess state. "Since 2014, domestic oil refining overcapacity has been obvious, and the operating rate of local refineries has been low below 40% in the past two years.". Relevant analysts said

industry analysts believe that at present, the pull of China's economy on oil consumption is weakened, oil demand will maintain a low growth rate of 2%-3%, and refined oil consumption will change from the past "three highs" of high growth, high consumption and high pollution to the new normal of "three lows" of low growth, low consumption and low pollution. The export of refined oil, especially diesel oil with serious domestic surplus, will gradually become normalized and large-scale

Sinopec's export quota of refined oil products in 2015 has been increased to about 12million tons, a significant increase of 20% compared with 2014. In the view of analysts, facing the situation of increased domestic supply and limited market, China's petrochemical enterprises have increased their efforts to develop the international market. Relying on the advantages of cost performance, they can also make more and more refined oil products of domestic refining and chemical enterprises go abroad

note: the reprinted content is indicated with the source. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

Copyright © 2011 JIN SHI