CPL-fixes-its-bottom – Russia-crude-oil 25-03-2022

CPL-fixes-its-bottom – Russia-crude-oil

Crude Oil Prices Trend 

Crude Oil Prices Trend  Polyestertime

-CPL fixes its bottom after a round of quick rise and fall

From the beginning of March to the middle of March, petrochemicals, driven by crude oil price fluctuation, had experienced a round of extremely rapid rise and fall in just half a month.

During Feb 28-Mar 10, CPL RMB spot price rose by 1,550yuan/mt to 14,850yuan/mt, and Sinopec’s contract nomination had jumped up by 4 times by 1,500yuan/mt to 15,500yuan/mt. The frequency and magnitude of price adjustments have been rarely seen for so many years!

Decline soon came after Mar 10. During Mar 11-Mar 14, CPL RMB spot dropped 1,150yuan/mt to 13,700yuan/mt, and the contract nomination fell 2 times by 600yuan/mt to 14,900yuan/mt. As the spread between contract and spot stood as high as 1,200yuan/mt, it seems that contract suppliers will cut down the nomination further. CPL-fixes-its-bottom – Russia-crude-oil

On Mar 21 and 22, CPL spot rebounded narrowly to 14,000yuan/mt, after a short touch on 13,600yuan/mt. With contract nomination adjusted down 400yuan/mt in the beginning of the week (Mar 21), contract-spot spread has reduced to a reasonable rate of 500yuan/mt.

Actual transactions and profit are very thin

With so much volatility, it stands to reason that there will be huge profit space and trading opportunities, but the market is not like that. Because the oil price fluctuates beyond everyone’s expectations, many sellers have worried that the cost will be uncontrollable when the price increases, and have stopped selling for a time. Buyers are more cautious, when the market trend changes, they do not take the goods at all. So in fact, after the crazy half month, there have been very few transactions concluded. CPL-fixes-its-bottom – Russia-crude-oil

For instance, the highest required price CPL once reached over 14,800yuan/mt in H1 Mar, but in fact, after a round of ups and downs, some spot CPL factories even missed a single order with a price of over 14,000yuan/mt.

CPL-fixes-its-bottom - Russia-crude-oil

-TotalEnergies to stop buying crude oil from Russia by end of 2022

The French energy giant now plans to source gasoil from Saudi Arabia, and crude from Poland.

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TotalEnergies has pledged to stop buying crude oil and diesel from Russia, in protest against Moscow’s invasion of Ukraine. CPL-fixes-its-bottom – Russia-crude-oil

The French energy major has ‘unilaterally decided’ not to sign or renew contracts to purchase Russian oil and petroleum products for its German refinery by the end of this year.

The firm plans to instead source crude from Poland, and gasoil from Saudi Arabia.

TotalEnergies plans to keep its stakes in the companies and hydrocarbon projects in Russia.

In a press statement, the company said: “The current environment of European sanctions and Russian laws controlling foreign investments in Russia would prevent TotalEnergies [from finding] a non-Russian buyer for its minority interests, in Russia.

“Abandoning these interests without consideration would enrich Russian investors, in contradiction with the sanctions’ purpose.”

TotalEnergies said that the exit of its minority interests from Russian companies would not impact their operations and revenues.

The firm owns stakes in several non-state-owned Russian companies. These include a 19.4% stake in Novatek, a 20% interest in the Yamal LNG, a 10% stake in Arctic LNG 2, and a 49% interest in TerNefteGaz. CPL-fixes-its-bottom – Russia-crude-oil

TotalEnergies to stop buying crude oil from Russia by end of 2022

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CPL-fixes-its-bottom – Russia-crude-oil

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