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The outlook for oil prices is worrying
Recently, driven by OPEC-led production cuts, crude oil prices have risen sharply, seriously impacting refining profits and sounding the alarm for
oil prices.
A wave of shutdowns planned for refineries in the spring could also put downward pressure
on crude prices, analysts said.
Market sources said refining margins will be boosted in the coming months as refineries will undergo seasonal shutdowns; However, the decline in demand, while also releasing crude oil supply, could put more pressure
on crude oil prices.
WoodMackenzie's Leitch said: "Refiners will only increase their processing volumes
if their refining margins are satisfactory.
We expect crude oil prices to peak and fall
.
”
Climate policy and technology have a significant impact on Canada's energy sector
Recently, experts from Canada's National Energy Commission said that changing climate policies and rapid advances in science and technology could have a huge impact
on Canada's energy industry in the future.
Abha Bhargava, head of energy integration at Canada's National Energy Commission, said: "Economic growth is a key factor influencing energy demand, that's obvious; But energy demand will also depend on efficiency improvements
in many areas.
Canada's Energy Future 2017: Energy Supply and Demand Projections to 2040, released by Canada's National Energy Council in 2017, outlines climate policy developments and the impact
of technological advances on Canada's energy sector.
”
Global demand for bright oil will be declining
According to Clariant's latest research report, the global demand for high-end lubricant bright oil reached 2.
7 million tons in 2017, and the demand is expected to decrease by about 250,000 tons
by 2027.
The United States and Canada account for 12%~15% of global bright oil demand, and demand is expected to decline at an average annual rate of 0.
5%~0.
7% by 2027; Demand in South America and Mexico accounts for 8%~10%, and the next stage of demand is expected to grow
at an average annual rate of 0.
3%.
At present, the global bright oil market is slightly oversupplied, with a supply of about 2.
8 million tons
.
The oversupply is mainly due to the reduced
demand for bright oil for automotive engine oil products in developed countries.
The global bright oil market varies greatly
by region.
For example, the United States and Canada have a surplus of about 200,000 tons of bright oil, while South America and Mexico have shortages of about 50,000 tons
.
U.
S.
chemical companies had strong results in the fourth quarter of 2017
Stimulated by the global economic recovery and the passage of a new US tax law, most US chemical companies performed strongly
in the fourth quarter of 2017.
For example, DowDuPont Co.
sales revenue increased 13% year-over-year, profit increased 46.
5% year-on-year, and the stock price reached 83 cents per share, well above the 12 cents per share previously predicted by analysts; Celanese's sales revenue increased by 51.
1% year-on-year, and profit increased by 26.
7% year-on-year; Air Chemicals' sales revenue increased by 18% year-on-year, and profit increased by 23% year-on-year; Ashland's sales revenue increased 20%
year-over-year.
U.
S.
chemical executives are predicting the impact
of the passage of a new U.
S.
tax law on their companies' future.
DowDuPont forecasts a 1%~2% reduction in the company's tax rate, Celanese expects a 2% reduction in tax rates, and Air & Chemical is expected to benefit from the new tax law, but quantitative data
has not yet been given.
