The hottest oil price plummeted, and U.S. refineri

2022-10-01
  • Detail

The oil price plummeted, and the U.S. oil refining enterprises still did not escape the impact

in the past 18 months, the data of the last test in the oil industry will be mixed with the data of this test. In the case that other fields have suffered the impact of low oil prices, the U.S. oil refining enterprises have maintained a strong profit growth momentum. However, in the first quarter, these can stop complex data analysis, and the profit growth of oil refining enterprises finally stagnated

according to Dow Jones, the profits of many oil refining enterprises in the quarter fell by about half year-on-year. The decline in refining business profits has impacted the performance of oil giants such as ExxonMobil and Valero energy, the world's largest independent oil refiner. ExxonMobil had expected the refining business to offset the negative impact of the decline in its energy production profits; Valero Energy announced on Tuesday that its first quarter profit fell to its lowest level in the same period in four years

two trends led to the end of the boom in refining business: first, compared with crude oil produced in other countries and regions around the world, the sharp discount in the price of crude oil in the United States no longer exists; Second, the market supply of gasoline and diesel export destinations in the United States is increasingly sufficient

although oil refining enterprises are still profitable in general, and the current situation is better than the last most difficult period in the oil refining industry in 2009, the decline in profits highlights that the sharp decline in oil prices eventually spread to this previously unaffected field

many analysts predict that with the increase of driving in the United States from winter to summer, gasoline demand will rebound significantly. There is no need for oil refiners to spend more money to buy microcomputer controlled ones, saying that they have seen that the peak driving season is coming if it is due to the signs of the origin of the gasket. The energy information administration previously predicted that domestic gasoline demand in the United States would increase by 1.4% this year; Last year, the growth rate was 2.7%

however, even if it turns out that refiners will indeed usher in a profitable summer, for those companies that both produce oil and consume oil due to refining business, refining business may not always boost their profits

Campbell, head of petroleum products research at energy aspects, a consulting firm, said that over the past year and a half, low crude oil prices have prompted refiners to buy oil and produce refined oil higher than global demand. This has led to an increase in refined oil inventories worldwide, which may squeeze refining margins later this year as crude oil prices begin to rise

Copyright © 2011 JIN SHI