Jet Fuels crack 35USD/brl

https://www.tradingview.com/symbols/NYMEX-ASD1!/

Middle Eastern jet fuel flows to Europe climb as Russian sanctions loom

04 Nov 2022

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/shipping/110422-middle-eastern-jet-fuel-flows-to-europe-climb-as-russian-sanctions-loom

Several ports in the Mediterranean previously receiving gasoil and jet fuel cargoes from Russia on Medium Range tankers have substituted the volumes with Middle Eastern origins that are now mostly loading on Long Range 1 tankers, said an executive with a clean tanker company. MRs carry cargoes of about 35,000 mt, while LR1s can carry up to 65,000 mt.

Close to a dozen European airlines that were regularly buying Russian jet fuel are in the process of substituting those volumes, another chartering executive said.

Shipping sources tracking jet fuel deals said the share of Mediterranean deliveries in Persian Gulf jet fuel shipments to Europe likely climbed to 30% in October, from 22% in September and 16% in August.

UK to ban ship insurance cover for Russian oil ahead of G7 price cap

https://www.ft.com/content/0c62b2d6-315f-43bf-abd2-674753b27cbe

The EU is also introducing a ban on services like insurance for ships transporting Russian oil, and the US is set to follow suit. “At first glance it appears to be largely in line with what the US is proposing with a ban on services effective December 5,” said Leigh Hansson, sanctions partner at law firm Reed Smith.

Any waiver under the price cap would only apply to third-party countries, as it would not supersede the UK, US or EU’s own plans to ban imports of seaborne Russian oil into their territories.

Russia has repeatedly said it will not sell oil to any country implementing the price cap. India and China — the two biggest buyers of Russian oil — have shown no indication that they will go along with the G7’s plan.

“We continue to stand by Ukraine in the face of Putin’s barbaric and illegal invasion,” UK chancellor Jeremy Hunt said.

“We’ve banned the import of Russian oil into the UK and are making good progress on phasing it out completely. This new measure continues to turn the screws on Putin’s war machine, making it even tougher for him to profiteer from his illegal war.”

The legislation that takes effect on December 5 will initially only apply to crude oil exports but from February 5 will be extended to cover refined products like gasoline and diesel, mirroring the EU’s own timeline.


Vitol, the world’s largest independent energy trader, has said it expects Russian oil exports to fall by as much as 1mn barrels a day after December 5 — or almost a fifth of its seaborne exports — as the country may struggle to get enough tankers willing to transport its oil if they cannot access western services.

Diesel at record premiums to jet, gasoline and crude
Published date: 28 October 2022

https://www.argusmedia.com/en/news/2385379-diesel-at-record-premiums-to-jet-gasoline-and-crude

High diesel refining margins tend to depress gasoline refining margins, because they incentivise refiners to increase crude throughput, which increases gasoline production. All else being equal, the margins push away from each other. Over the summer, European refiners hiked crude throughputs to around 88pc of their capacity, to judge by IEA data and Argus research. They were processing nearly 1mn b/d more crude than a year ago and only 700,000 b/d less than in the same month of 2019.

European gasoline prices are tied closely to US demand, as European refiners usually export more than 1.5mn t of gasoline a month to the US during the summer. But this year, volumes fell short of last year and even further below pre-pandemic levels, as high retail prices suppressed consumption in the US. Additionally, the breakdown of trade with Russia is not supporting gasoline values, because Europe does not import significant volumes of gasoline from Russia.

The divergence of diesel and jet fuel values is more unusual because refiners can easily blend those products into the other, meaning high diesel margins usually pull jet fuel margins higher. When diesel is more expensive, refiners blend as much jet fuel as possible into it, reducing jet fuel production. This is why the diesel-jet spread is far narrower than the diesel-gasoline spread, even at its record.

But blending jet into diesel is only possible within the constraints of regulated diesel specifications, in particular its density and related properties. Too much jet fuel makes the diesel too light. The dislocation of diesel and jet fuel values in October may be a signal that refiners have hit that wall.

https://www.argusmedia.com/en/news/2381339-europe-is-running-low-on-diesel-when-it-needs-it-most

7.1% (jet fuel yield) x 10.5 brl/qtr (sales) x 32 USD/brl (avg jet fuel crack spread) x 4.64 MYR/USD

= 110 Million gross profit

51.4% (yield) x 10.5 brl/qtr (sales) x 43 USD/brl (avg diesel crack spread) x 4.64 MYR/USD

= 1.07 Billion gross profit

this means HY can instantly raise the yield of Gasoil to 51.4% (35.1% + 16.3%), while maintaining low yield of Gasoline at 24.5%

they just need to stop cracking the gasoil to shorter chain gasoline

thanks

Posted by Sslee > Oct 29, 2022 10:18 AM | Report Abuse

Year 2021 HRC yield as below:
LPG: 7.8%
Propylene: 3.8%
Light Naphtha: 0.1%
Petrol: 24.5%
Jet Fuel: 7.1%
Diesel: 35.1%
Fuel Oil Component: 2.7%
Additional
Catalytic Cracked Gasoline (CCG): 16.3%
Combined Cycle Oil (CCO): 2.6%
Note: i3lurker and ular is saying the long residue catalytic cracker can selectively crack the Long residue into gasoline (petrol) or gasoil(diesel)

Hence Catalytic Cracked Gasoline (CCG): 16.3% can now become Catalytic Cracked Gasoil (CCG): 16.3%

Western officials finalizing plans for Russia oil-price cap

https://www.reuters.com/business/energy/biden-team-reworks-plan-russia-oil-price-cap-markets-sour-bloomberg-news-2022-10-26/

https://oilprice.com/Energy/Crude-Oil/Oil-Could-Surge-Well-Above-100-After-Midterms.html

However, once those wear off, Europe will have to stop importing 1m to 1.5m b/d of Russian crude when embargo on seaborne shipments takes effect in December; those barrels - as Zoltan Pozsar explained all the way back in March and April - will have to be shipped to more distant markets with transport times of 30-50 days vs only 3-4 days to Europe, causing surging costs and substantial delays.

All options have trade-offs. Product export bans, in particular, could send wholesale global distillate/gasoline prices up $150/$50/bbl respectively (to $300/150/bbl) and still risk shortages and higher prices domestically - especially in coastal regions. All responses leave the ultimate cause of energy underinvestment unaddressed.

We continue to expect headlines into next month’s midterm elections as the US administration attempts to exert downward pressure on retail prices. However, we think action at current price levels remains unlikely. This policy reflexivity is reflected in our current forecasts ($115/bbl Brent in 1Q23 ), as the deficits we expect, following OPEC+’s decision to cut, look unsustainably bullish given scarce inventories and our balance outlook. The risk of inventory depletion and price spikes requiring demand destruction as a rebalancing of last resort could yet move prices $30+/bbl higher.

There is more in the full Goldman reports, including an analysis of why a product export ban will exacerbate the global shortage of refining capacity, why a gasoline federal tax holiday would be modest in impact, why easing sanctions on Venezuela is not a quick fix, and why the “NOPEC” bill has only very limited upside.

https://www.thenationalnews.com/business/energy/2022/10/21/saudi-energy-minister-and-chinese-official-stress-importance-of-stable-oil-supplies/

Analysts have said that Beijing would be less inclined to increase its energy reliance on Moscow, with an EU embargo on Russian oil set to come into effect on December 5.

“While Russian crude trades at a discount to market prices, exports to China and India have not increased further,” said UBS strategists in a report earlier this week.

“We believe China may be aiming to avoid making Europe’s mistake of becoming too dependent on one country, preferring to keep the maximum share of one exporter at 20 per cent.”

Two Major Indian Refiners Just Stopped Buying Russian Crude

https://oilprice.com/Energy/Crude-Oil/Two-Major-Indian-Refiners-Just-Stopped-Buying-Russian-Crude.html

https://carnegieendowment.org/politika/88211

After months of discussions, the EU has unveiled its plans for enforcing a price cap on Russian oil exports in response to Moscow’s invasion of Ukraine. U.S. Treasury Secretary Janet Yellen subsequently set the potential price cap at $60 per barrel.

Having already closed its ports to Russian ships, the EU outlined in detail how it plans to enforce the price cap in its eighth sanctions package, published on October 6. Any vessel transporting Russian crude oil—and, in three months’ time, Russian oil products—being sold above the price cap would be prohibited from obtaining any shipping industry services from European providers, such as insurance, financing, servicing, and bunkering.

There are two reasons why OPEC+ would not try to stabilize the market on this occasion. First, its ability to do so is quite limited, due to global underinvestment in the oil industry since the price slump of 2014, especially during the pandemic, when fewer new wells were drilled. As global demand returned to pre-COVID levels, therefore, OPEC+ countries met it with an aged and less productive well stock.

Second, there is a fear within OPEC+ that if successful, the sanctions mechanism could subsequently be applied to other causes, both political and cartel-busting, and that OPEC countries could become the next target. They would therefore prefer to see the mechanism fail.


Russia itself has made it clear it has no intention of submitting to the price cap. At the annual Russian Energy Week on October 12-13, Russian President Vladimir Putin, Deputy Prime Minister (and former energy minister) Alexander Novak, Energy Minister Nikolai Shulginov, and the captains of the Russian energy industry all insisted Russia would not sell its oil at below-market prices as a matter of principle. If necessary, the companies are prepared to reduce production by up to 70 percent of current levels, and are actively developing alternative supply chains that would bypass the EU.


In the global oil industry, shipping and loading schedules are generally compiled two months before the month of the loading. December cargoes are sold in October, and their schedules drafted at the same time. The price cap battle will therefore start to unfold in the coming weeks, and it’s extremely unlikely that Putin will yield to pressure without putting up a fight.

As a result, the oil and shipping market will almost certainly end up in turmoil. Russia will need its own dedicated fleet: most likely consisting of end-of-life tankers, since that would carry far less risk for the shipowner. About fifty tankers are forecast to be scrapped in 2023-2025, which could form a pariah fleet of Russian oil strikebreakers.

Russia will need about 200 tankers to keep going at the previous rate, since its ports of Primorsk and Novorossiisk currently send out one tanker each per day, and if the destination is Asia, the round-trip time is one hundred days. At the end of 2021, Russia’s biggest shipping company, state-controlled Sovcomflot, had fifty-one tankers flagged in various jurisdictions. New Suezmax tankers cost $80 million, while their scrap value is $10–$15 million, so 150 tankers will cost at least $1.5–$2.5 billion: a hefty price, but one that Russia can probably afford.

Whatever tactics are used, the accumulation of a fleet will take some time. In the meantime, Russian production may be reduced and limited by the available shipping capacity, which will likely lead to a period of volatility on the oil market.

US export ban could propel diesel cracks by $150/bbl: Goldman
Crude Oil Refined Products

An export ban on US oil products would propel gasoline cracks elsewhere in the world by $50/bbl and diesel by $150/bbl while forcing US refiners to slow throughput to prevent a stock build up, investment bank Goldman Sachs said.

The Biden administration has been mulling such potential export restrictions over the past months to lower domestic retail gasoline prices, in a bid to crank up the President’s approval ratings.

“This would exacerbate the shortage of refined products elsewhere, requiring sharp spikes in refining margins and product cracks in Europe and Asia to destroy a commensurate amount of demand,” the investment bank wrote in a report published Thursday.

Goldman estimates gasoline cracks to rise by $50/bbl, from current levels in Europe of $18/bbl, while diesel would rise by $150/bbl – due to its lower price elasticity – from the current $53/bbl.

However, such a ban would likely only come after the November 8 mid-term elections, as the White House has said it is “unlikely to be announced in the near future”.

Since the start of the war in Ukraine, the US has seen a sharp rise in its product exports as buyers elsewhere seek non-Russian hydrocarbons, while the global refining sector remains tight post-Covid.

US net gasoline exports rose to 215,000 bpd since the start of the war, compared to net imports worth 230,000 bpd over the same period last year, IEA data showed.

At the same time, net diesel exports rose by 300,000 bpd to 1.3 million bpd year-on-year, with jet fuel shifting from net 80,000 bpd imports to 70,000 bpd exports.

“A product export ban would thus seek to leverage this net exporting position to lower domestic prices. Effectively, it would trap refinery output within US borders, leading to steep domestic discounts as inventories build sharply,” Goldman wrote in a report published late on Thursday.

However, a full stop in exports would cause US gasoline stocks to hit maximum levels in four months, distillates in three months and jet fuel in nine months, the bank estimated, forcing refiners to slow down.

“We estimate runs could have to be cut back by more than 1 mb/d to manage inventories in the context of export restrictions on gasoline and distillate exports.”

Diesel Crisis Deepens As Inventories Fall To Dangerous Levels

https://oilprice.com/Energy/Crude-Oil/Diesel-Crisis-Deepens-As-Inventories-Fall-To-Dangerous-Levels.html

U.S. Refiners Are Preparing For A Potential Fuel Export Ban

https://oilprice.com/Energy/Crude-Oil/US-Refiners-Are-Preparing-For-A-Potential-Fuel-Export-Ban.html

Europe’s Fuel Supply Fears Worsen As Major Refinery Malfunctions

https://oilprice.com/Latest-Energy-News/World-News/Europes-Fuel-Supply-Fears-Worsen-As-Major-Refinery-Malfunctions.html

Governments have been informed about the malfunction at Europe’s largest refinery, Shell said in a statement carried by Bloomberg, but didn’t go into details about potential losses of fuel supply.

Fuel supply is already tight in Europe amid an ongoing strike at most of France’s refineries, and if the Dutch refinery malfunction leads to further supply losses, the European diesel market will find itself even shorter on supply, less than four months before the EU embargo on imports of Russian fuels by sea.

France’s fuel distribution continues to be disrupted by the ongoing strikes at refineries, with no end in sight to the industrial action that has left more than 60% of French refining capacity offline. Earlier this week, France said that it would requisition essential workers to staff Exxon’s French oil depot, and threatened to do the same for Total’s French refineries if talks failed to progress. But workers at Total’s Donges refinery decided on Tuesday to strike beginning on Wednesday, French union CGT said.

French ministers said today that TotalEnergies should raise the salaries of the workers, who have been on strike for two weeks now.

“If one knows the profits which they made ... companies which have the capacity have a duty to raise wages and Total is one of them,” French Finance Minister Bruno Le Maire told local radio, as quoted by Reuters.

there are low class promoter too

Posted by UlarSawa > Oct 13, 2022 11:28 AM | Report Abuse

At least very close lah. Almost hit rm4.00 leh. Just 3 sen away leh. Haiyoh. Correct?

low class also no effect on harga saham

Posted by UlarSawa > Oct 13, 2022 11:24 AM | Report Abuse

Genuine and Top class pun need to see harga saham naik leh. Haiyoh. Correct?

there is only one commentator here whose messages are top class and genuine, who had been giving pearls of wisdom with a good sense of humor, patiently entertaining many low IQ here who are only interested in badmouthing others

the great sslee

wish many could appreciate him

@ular, does that mean naysayers are beginning to show signs of panicking?

Posted by UlarSawa > Oct 2, 2022 5:22 PM | Report Abuse

Only one thing ular dont like is when someone question the referee is unfair one lah. Haiyoh. Correct?

Email address : HRCPD-Corporate-Affairs@hrc.com.my

........

Dear Chairman and Board of Directors,

I am an investor of Hengyuan, I have xxx shares in my trading account.

Please help to get your accountant and lawyer to trace and take legal action on a person with the id: stockraider on i3 website below:

https://klse1.i3investor.com/servlets/cube/stockraider.jsp

he had been making serious allegation and spreading lies with malicious intention, e.g below:

Posted by stockraider > Sep 11, 2022 3:50 PM | Report Abuse

Ini Info baru mah!

Lu tau boh ?

ACCORDING RAIDER SIFU SENIOR ANALYST & CONFIRMED BY 009 INVESTIGATION TEAM, THEY HAVE INFO TO SUSPECT , THAT THE COUNTER PARTY IS A PRIVATE CHINESE PARTY OPERATING IN SPORE WHO HAVE A VERY CLOSE RELATIONSHIP WITH THE HENGYUAN CHINA OWNER LOH!


Thank you.

Yours Sincerely,
Your name.

.....

@Sharewire, thanks

open your mind and understand HY business lah!

Posted by Income > Sep 4, 2022 4:16 PM | Report Abuse

You cakap banyak and acting like sangat panlai.

I tell you lah. AirAsia or now is Capital A, almost always make aviation oil hedging and also lose millions because of huge losses in aviation oil hedging (is one of AIrAsia contributing factors for its huge losses) . True case studies. Proven to you why hedging also can cause huge losses lah. Open your mind lah.

this is one sided hedging, where Capital A cannot hedge their ticket pricing along with fuel pricing

refinery hedge both refined products along with feed crude

thats how they can secure margin when its very thin

refinery has no business of one sided commodity hedging except for inventory to avoid volatility on earnings due to mark to market changes

Posted by Income > Sep 4, 2022 4:10 PM | Report Abuse

You cakap banyak and acting like sangat panlai.

I tell you lah. AirAsia or now is Capital A, almost always make aviation oil hedging and also lose millions lah. True case studies. Proven to you why hedging also can cause huge losses lah. Open your mind lah.

thank you

Posted by probability > Sep 4, 2022 2:51 PM | Report Abuse

prove on the effects of hedging when crack spread drop below hedging level for balance hedged contract is here

Posted by Sslee > Sep 3, 2022 6:17 PM | Report Abuse

If you look into HRC quarterly report.
On 31/12/19. NAPS is RM 6.7045.
Q1 end 31/03/20 EPS negative 41.37 cents but NAPS is now RM 7.4418

Posted by Sslee > Sep 3, 2022 6:32 PM | Report Abuse

You can check what is the mogas92 crack spread on 31/03/2020.
www.tradingview.com/symbols/NYMEX-D1N1%21/

China fund buying, because malaysian investors dont understand hedging!

this is also what i think so and they have the option to bring it into the profit or loss statement whenever they want till the maturity date

Posted by Sslee > Aug 30, 2022 7:28 PM | Report Abuse

Refining margin swap contracts 226,945 261,065 (1,751,332).

My take on this refining margin swap contracts is HRC book the refining margin swap contracts for long term at maybe USD20/barrel. At 30/06/2022 this spot margin is USD 40/barrel hence this future refining mark to current spot margin will show a huge loss of USD 20/barrel.

So moving forward if Refining margin spot is now USD30/barrel then realised swap contracts loss is USD 10/ barrel but the physical mqrket HRC make USD 30/barrel hence overall still make USD20/barrel.

Moving forward again the Spot Refining margin is now USD10/ barrel. The swap contacts will realised a gain of USD 10/barrel but physical spot only earned USD 10/ barrel hence overall still make USD20/barrel

Ok, its because the margin had expanded. This means when the margin reduces later it will even out (become zero). They have time to close the position till end of 2024.

is that right Rabbit2?

Posted by Rabbit2 > Aug 30, 2022 6:45 PM | Report Abuse

Cost of hedging = forward points = basis swap spread
This is the problem when the contracts entered are long tenured > 2 years

Europe heading into winter with low storage levels of diesel
8/12/2022
www.hydrocarbonprocessing.com/news/2022/08/europe-heading-into-winter-with-low-storage-levels-of-diesel

The European Union will stop buying all seaborne Russian crude oil from early December and will ban all Russian refined products two months later.

Europe continues to rely heavily on Russia to satisfy its diesel demand, with 60% of Europe's seaborne diesel imports originating from the country in July, according to data from Energy analytics firm Vortexa.

And with no evidence that companies are stockbuilding ahead of sanctions, traders expect Europe to be in for a winter shock.

Excellent information. Thanks probability!

Posted by probability > Aug 1, 2022 2:32 PM | Report Abuse

Dear all, kindly copy paste the below link:

SINGAPORE GASOIL

https://www.tradingview.com/symbols/NYMEX-SGB1!/

The difference between above and Brent Crude would give the Crack Spread of Diesel HY will make.

This is inline with the below Crack Spread Chart for Diesel shared earlier:

https://www.tradingview.com/symbols/NYMEX-GZ1!/

Hope this proves MM is not that smart :)

Exxon earlier this year more than doubled its projected buyback program to $30 billion through 2022 and 2023. Shell said it would buy back $6 billion in shares in the current quarter, while Chevron boosted its annual buyback plans to a range of $10 billion to $15 billion, up from $5 billion to $10 billion.

U.S. oil giants Exxon, Chevron post blowout earnings, ramp up buybacks

https://www.investing.com/news/commodities-news/us-oil-giants-exxon-chevron-post-blowout-earnings-ramp-up-buybacks-2858133

before senile itself the fellow is a symbol of mutated human without the integrity gene, even his kids dont trust him

at this age, he is as good as garbage with the only use to attract attention since he has money

good to use him and throw like OTB does

MRPL has rallied more than 30% in the last week as it is getting benefits from the higher GRMs or gross refining margins which is due to favorable global refining scenario and the company is expected to report healthy earnings in the near term.

The ongoing concerns over the supply of refined products and the switch from costly gas to oil led to a rise in Singapore's complex gross refining margin (GRM) to a multi-year high.

Read more at:
https://economictimes.indiatimes.com/markets/expert-view/how-higher-grms-helped-mrpl-rise-over-30-in-a-week-mohit-nigam-explains/articleshow/92174729.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The West must prepare to continue supporting Ukraine in a war lasting for years, Nato's chief has warned.

Secretary-General Jens Stoltenberg said the costs of war were high, but the price of letting Moscow achieve its military goals was even greater.

His comments came as UK Prime Minister Boris Johnson also warned of the need to brace for a longer-term conflict.

Both Mr Stoltenberg and Mr Johnson said sending more weapons would make a victory for Ukraine more likely.

"We must prepare for the fact that it could take years. We must not let up in supporting Ukraine," the Nato chief said in an interview with German newspaper Bild.

"Even if the costs are high, not only for military support, also because of rising energy and food prices."

https://www.bbc.com/news/world-europe-61856144

what a low IQ comment

imagine HY price is RM 1 now, would you wait till august results?

why not? because its too cheap compared to its earnings expected going forward right?

same way, even at current price, HY is just bloody too cheap with earnings potential which any engineer with basic knowledge can figure out

what happens if by July share price shot up to RM 6.50, you still want to wait for august?

WTF brains we have here!

Posted by Sslee > Jun 18, 2022 5:29 PM | Report Abuse

You cannot find fault with the below sensible statement by hng33:

Therefore, it is best to wait till end August before hengyuan release Q result and monitor whether crack spread still maintenance elevated level.

If crack spread tumble in july - Aug, despite hengyuan report good result, it share will not perform as market look forward.

wow, very long story again

again cant see what is he trying to convey LOL!

really want to buy big on Monday i guess

do you know meaning of facts?

do you know how low crack spread has to drop before EPS per qtr drops below RM 1 per qtr?

Results out all these meaningless story will vaporize



Posted by hng33 > Jun 18, 2022 3:50 PM | Report Abuse

hahaha, no story telling, but is based on factual finding

looks like you are more worried than anyone on the news implication

why so much effort to protect investors at current price and not when it was trading at 7

margin of safety is way too good to time entry of such stocks with results barely 2 months away, 1 qtr eps potentially reaching half of its market cap now

spend your story telling effort elsewhere mate , there are way more inflated stocks around

your oil story more applicable with hibiscus not refinery

There is no way EU or US is going to receive refined oil from russia and thats all that matters now for refinery



Posted by hng33 > Jun 18, 2022 3:36 PM | Report Abuse

It is dangerous to chase news, breaking news is always short term nature. The factual is global political leader cannot sustain their local inflation, all effort are put to curb inflation induce by oil. The higher the oil price, the greater policy change to curb oil.

"Globally, we expect a shortage of one refinery annually for the next few years.

If we were to include arbitrage crude advantages, which RIL highlighted earlier, margins would be even higher, and 50% above their last peak seen in mid-2008," said Morgan Stanley Research

According to analysts, the global oil and finished products that were already stretched due to the pandemic and later the Russian invasion of Ukraine, could see further tightening once Chinese demand normalises as China unlocks from the pandemic induced lockdown.

Read more at:
https://economictimes.indiatimes.com/industry/energy/oil-gas/ril-margins-at-a-20-year-high-as-asian-benchmark-grms-hit-a-record/articleshow/92045903.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

This appears way more serious than S-Oil incident.

With economy in China recovering after covid, they may need to start importing refined oil if condition persists

Look: Multiple fires as Shanghai chemical plant explodes

https://www.khaleejtimes.com/world/video-multiple-fires-as-shanghai-chemical-plant-explodes

While the lockdown was officially lifted at the beginning of June, the snarling of supply chains and shutting of factories continues to have far-reaching consequences for the global economy.

“The whole area is completely incinerated,” a shocked resident could be heard saying in the background of one video.

BREAKING NEWS!

Large Fire Reported At Shanghai Petrochemical CO Today – According to report, a 304,000 bpd refinery is on fire in China in the early hours of Saturday morning. The fire broke out at 4:28am June 17, 2022 at a chemical plant of Sinopec Shanghai Petrochemical Co LTD in Shanghai‘s Jinshan District.

Dozens of emergency were called to the scene after the fire broke out. Evacuations is currently underway at the facility in the the Jinshan District, the fire department reportedly said.

https://snbc13.com/large-fire-reported-at-shanghai-petrochemical-co-today/

https://www.youtube.com/watch?v=3UfattJzvhA

after the fire incident at Shanghai Petrochemical plant, S-Oil representing Asian refinery would likely move up further'


https://finance.yahoo.com/chart/010950.KS#eyJpbnRlcnZhbCI6ImRheSIsInBlcmlvZGljaXR5IjoxLCJ0aW1lVW5pdCI6bnVsbCwiY2FuZGxlV2lkdGgiOjEwLjMzNjEzNDQ1Mzc4MTUxMywiZmxpcHBlZCI6ZmFsc2UsInZvbHVtZVVuZGVybGF5Ijp0cnVlLCJhZGoiOnRydWUsImNyb3NzaGFpciI6dHJ1ZSwiY2hhcnRUeXBlIjoibGluZSIsImV4dGVuZGVkIjpmYWxzZSwibWFya2V0U2Vzc2lvbnMiOnt9LCJhZ2dyZWdhdGlvblR5cGUiOiJvaGxjIiwiY2hhcnRTY2FsZSI6ImxpbmVhciIsInBhbmVscyI6eyJjaGFydCI6eyJwZXJjZW50IjoxLCJkaXNwbGF5IjoiMDEwOTUwLktTIiwiY2hhcnROYW1lIjoiY2hhcnQiLCJpbmRleCI6MCwieUF4aXMiOnsibmFtZSI6ImNoYXJ0IiwicG9zaXRpb24iOm51bGx9LCJ5YXhpc0xIUyI6W10sInlheGlzUkhTIjpbImNoYXJ0Iiwi4oCMdm9sIHVuZHLigIwiXX19LCJsaW5lV2lkdGgiOjIsInN0cmlwZWRCYWNrZ3JvdW5kIjp0cnVlLCJldmVudHMiOnRydWUsImNvbG9yIjoiIzAwODFmMiIsInN0cmlwZWRCYWNrZ3JvdWQiOnRydWUsImV2ZW50TWFwIjp7ImNvcnBvcmF0ZSI6eyJkaXZzIjp0cnVlLCJzcGxpdHMiOnRydWV9LCJzaWdEZXYiOnt9fSwiY3VzdG9tUmFuZ2UiOm51bGwsInN5bWJvbHMiOlt7InN5bWJvbCI6IjAxMDk1MC5LUyIsInN5bWJvbE9iamVjdCI6eyJzeW1ib2wiOiIwMTA5NTAuS1MiLCJxdW90ZVR5cGUiOiJFUVVJVFkiLCJleGNoYW5nZVRpbWVab25lIjoiQXNpYS9TZW91bCJ9LCJwZXJpb2RpY2l0eSI6MSwiaW50ZXJ2YWwiOiJkYXkiLCJ0aW1lVW5pdCI6bnVsbCwic2V0U3BhbiI6eyJtdWx0aXBsaWVyIjo2LCJiYXNlIjoibW9udGgiLCJwZXJpb2RpY2l0eSI6eyJwZXJpb2QiOjEsImludGVydmFsIjoiZGF5In19fV0sInN0dWRpZXMiOnsi4oCMdm9sIHVuZHLigIwiOnsidHlwZSI6InZvbCB1bmRyIiwiaW5wdXRzIjp7ImlkIjoi4oCMdm9sIHVuZHLigIwiLCJkaXNwbGF5Ijoi4oCMdm9sIHVuZHLigIwifSwib3V0cHV0cyI6eyJVcCBWb2x1bWUiOiIjMDBiMDYxIiwiRG93biBWb2x1bWUiOiIjZmYzMzNhIn0sInBhbmVsIjoiY2hhcnQiLCJwYXJhbWV0ZXJzIjp7IndpZHRoRmFjdG9yIjowLjQ1LCJjaGFydE5hbWUiOiJjaGFydCIsInBhbmVsTmFtZSI6ImNoYXJ0In19fSwic2V0U3BhbiI6eyJtdWx0aXBsaWVyIjo2LCJiYXNlIjoibW9udGgiLCJwZXJpb2RpY2l0eSI6eyJwZXJpb2QiOjEsImludGVydmFsIjoiZGF5In19fQ--

BREAKING NEWS!

Large Fire Reported At Shanghai Petrochemical CO Today – According to report, a 304,000 bpd refinery is on fire in China in the early hours of Saturday morning. The fire broke out at 4:28am June 17, 2022 at a chemical plant of Sinopec Shanghai Petrochemical Co LTD in Shanghai‘s Jinshan District.

Dozens of emergency were called to the scene after the fire broke out. Evacuations is currently underway at the facility in the the Jinshan District, the fire department reportedly said.

https://snbc13.com/large-fire-reported-at-shanghai-petrochemical-co-today/

https://www.youtube.com/watch?v=3UfattJzvhA

June 14 (Reuters) - LyondellBasell Industries NV (LYB.N) shut the larger of two cokers at its 263,776-barrel-per-day (bpd) Houston refinery following a fire on Tuesday, sources familiar with plant operations said.

Sources have told Reuters that Lyondell would permanently close the refinery ahead of the December 2023 deadline if one of several major production units, including the cokers, is shut and cannot quickly return to production.

https://www.reuters.com/business/energy/lyondell-houston-refinery-shuts-coker-after-fire-sources-2022-06-14/

"This is going to be a tight market for certainly the next two years," Mark Williams, a research director at Wood Mackenzie, told Insider.

"We'll be maintaining this high price environment certainly through to the middle of next year."

http://www.businessinsider.in/stock-market/news/us-gas-prices-have-soared-to-5-a-gallon-because-of-bottlenecks-at-oil-refineries-and-the-crisis-is-unlikely-to-end-soon/articleshow/92144715.cms

Gasoline and Diesel margin

https://www.neste.com/investors/market-data/oil-product-margins#53824083

Valero hit all time high: 142 USD

https://finance.yahoo.com/chart/VLO#eyJpbnRlcnZhbCI6ImRheSIsInBlcmlvZGljaXR5IjoxLCJ0aW1lVW5pdCI6bnVsbCwiY2FuZGxlV2lkdGgiOjQuOTY0NTY2OTI5MTMzODU4LCJmbGlwcGVkIjpmYWxzZSwidm9sdW1lVW5kZXJsYXkiOnRydWUsImFkaiI6dHJ1ZSwiY3Jvc3NoYWlyIjp0cnVlLCJjaGFydFR5cGUiOiJsaW5lIiwiZXh0ZW5kZWQiOmZhbHNlLCJtYXJrZXRTZXNzaW9ucyI6e30sImFnZ3JlZ2F0aW9uVHlwZSI6Im9obGMiLCJjaGFydFNjYWxlIjoibGluZWFyIiwicGFuZWxzIjp7ImNoYXJ0Ijp7InBlcmNlbnQiOjEsImRpc3BsYXkiOiJWTE8iLCJjaGFydE5hbWUiOiJjaGFydCIsImluZGV4IjowLCJ5QXhpcyI6eyJuYW1lIjoiY2hhcnQiLCJwb3NpdGlvbiI6bnVsbH0sInlheGlzTEhTIjpbXSwieWF4aXNSSFMiOlsiY2hhcnQiLCLigIx2b2wgdW5kcuKAjCJdfX0sInNldFNwYW4iOnsibXVsdGlwbGllciI6MSwiYmFzZSI6InllYXIiLCJwZXJpb2RpY2l0eSI6eyJwZXJpb2QiOjEsImludGVydmFsIjoiZGF5In0sIm1haW50YWluUGVyaW9kaWNpdHkiOnRydWUsImZvcmNlTG9hZCI6dHJ1ZX0sImxpbmVXaWR0aCI6Miwic3RyaXBlZEJhY2tncm91bmQiOnRydWUsImV2ZW50cyI6dHJ1ZSwiY29sb3IiOiIjMDA4MWYyIiwic3RyaXBlZEJhY2tncm91ZCI6dHJ1ZSwiZXZlbnRNYXAiOnsiY29ycG9yYXRlIjp7ImRpdnMiOnRydWUsInNwbGl0cyI6dHJ1ZX0sInNpZ0RldiI6e319LCJjdXN0b21SYW5nZSI6bnVsbCwic3ltYm9scyI6W3sic3ltYm9sIjoiVkxPIiwic3ltYm9sT2JqZWN0Ijp7InN5bWJvbCI6IlZMTyIsInF1b3RlVHlwZSI6IkVRVUlUWSIsImV4Y2hhbmdlVGltZVpvbmUiOiJBbWVyaWNhL05ld19Zb3JrIn0sInBlcmlvZGljaXR5IjoxLCJpbnRlcnZhbCI6ImRheSIsInRpbWVVbml0IjpudWxsLCJzZXRTcGFuIjp7Im11bHRpcGxpZXIiOjEsImJhc2UiOiJ5ZWFyIiwicGVyaW9kaWNpdHkiOnsicGVyaW9kIjoxLCJpbnRlcnZhbCI6ImRheSJ9LCJtYWludGFpblBlcmlvZGljaXR5Ijp0cnVlLCJmb3JjZUxvYWQiOnRydWV9fV0sInN0dWRpZXMiOnsi4oCMdm9sIHVuZHLigIwiOnsidHlwZSI6InZvbCB1bmRyIiwiaW5wdXRzIjp7ImlkIjoi4oCMdm9sIHVuZHLigIwiLCJkaXNwbGF5Ijoi4oCMdm9sIHVuZHLigIwifSwib3V0cHV0cyI6eyJVcCBWb2x1bWUiOiIjMDBiMDYxIiwiRG93biBWb2x1bWUiOiIjZmYzMzNhIn0sInBhbmVsIjoiY2hhcnQiLCJwYXJhbWV0ZXJzIjp7IndpZHRoRmFjdG9yIjowLjQ1LCJjaGFydE5hbWUiOiJjaGFydCIsInBhbmVsTmFtZSI6ImNoYXJ0In19fX0-

Asian gasoline cracks scale new heights following Ulsan refinery explosion.

Asian gasoline cracks soared to new highs on Friday after an explosion at a South Korean refinery compounded an already-tight regional supply picture.

Trade Friday saw a 92 RON cargo for loading 20-25 days ahead sold by Total to Vitol at $148.90/b. PetroChina sold 95 RON to Vitol for the same laycan at $157.20/b FOB.

Taken as value, the deals lifted refining margins to Brent to new highs as the 92 RON spot crack to Brent was marked $4.99/b higher at +$38.74/b and 95 RON a massive $8.32/b at +$47.04/b.

The move comes after an explosion at alkylation processing unit of the 580,000 bpd Onsan refinery left eight injured.

Owned by S-Oil, the refinery is the world's fifth-largest and any restriction of supply will put regional import pressure on an already-tight global market.

The jump was seen in the overnight market, with the east-west spread jumping by the European close on Thursday.

It comes against a backdrop of booming products demand, with tight supply as the global economy reopens from the Covid-19 pandemic having driven cracks to record highs even before Thursday’s accident.

https://www.qcintel.com/biofuels/article/light-ends-summary-gasoline-cracks-jump-after-refinery-explosion-6105.html

The spot 92 RON refiner margin in Singapore jumped to a record high of $38.74/brl