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In the first half of the year, with the economic recovery in China, the consumption of gasoline and diesel has experienced a substantial rebound, which has increased by 7% and 20% respectively, and the volume of refined oil exports has also reached a record high. As for the outlook for the second half of the year, there may be a peak in oil consumption in the third quarter. The demand for refined oil products is expected to increase steadily. In the fourth quarter, demand growth may slow down. The implementation of the new refined oil pricing mechanism basically guarantees that the refined oil production enterprises can achieve a stable level of profitability, so the refining industry should be able to maintain a stable level of profitability throughout the year.
In the first half of this year, the output and prices of major petrochemical products rose sharply from those in 2009. From January to April, the ethylene naphtha cracking difference was basically maintained at a relatively high level of about 500 US dollars/barrel. After entering May, with the drop of stone prices, the ethylene cracking difference also dropped, and after entering June, the cracking gap further narrowed to 300 US dollars/barrel. Judging from the situation in the second half of the year, the price trend may be weaker than the first half of the year due to the impact of production capacity in the Middle East. However, we believe that from a complete petrochemical cycle, although there are risks in the short term, the long-term cycle will remain upward. The trend, therefore, we expect the ethylene cracking difference in the second half will be maintained at around 300 US dollars / barrel, the chemical sector's annual profitability should be equivalent to 06,07.
This year, China's oil refining and chemical companies are still expected to maintain a reasonable level of profit, and the annual profit will be further on the basis of 2009.
In the first half of this year, the output and prices of major petrochemical products rose sharply from those in 2009. From January to April, the ethylene naphtha cracking difference was basically maintained at a relatively high level of about 500 US dollars/barrel. After entering May, with the drop of stone prices, the ethylene cracking difference also dropped, and after entering June, the cracking gap further narrowed to 300 US dollars/barrel. Judging from the situation in the second half of the year, the price trend may be weaker than the first half of the year due to the impact of production capacity in the Middle East. However, we believe that from a complete petrochemical cycle, although there are risks in the short term, the long-term cycle will remain upward. The trend, therefore, we expect the ethylene cracking difference in the second half will be maintained at around 300 US dollars / barrel, the chemical sector's annual profitability should be equivalent to 06,07.
This year, China's oil refining and chemical companies are still expected to maintain a reasonable level of profit, and the annual profit will be further on the basis of 2009.
hangzhou mankun imp. exp. co., ltd. , https://www.multihzs.com