Hydrocarbon Processing - July 2021 - 12

MIKE RHODES, MANAGING EDITOR
Mike.Rhodes@HydrocarbonProcessing.com
Industry Metrics
U.S. Gulf Coast margins increased, supported by unplanned refinery
outages that limited a stronger recovery in run rates and kept product
outputs relatively supressed. Margins in Europe and in Asia performed
negatively as refining economics showed losses, reflecting the growth
in product availability following the maintenance season in Europe and
constrained fuel consumption levels due to high case numbers of the new
COVID-19 variant in Asia.
An expanded version of Industry Metrics can be found
online at HydrocarbonProcessing.com.
U.S. gas production (Bft3
100
120
20
40
60
80
J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A
2018
2019
Production equals U.S. marketed production, wet gas. Source: EIA.
Selected world oil prices, U.S. $/bbl
100
10
20
30
40
50
60
70
80
90
Dubai Fateh
W. Texas Inter.
Brent Blend
F M A M J J A S O N D J F M A M J J A S O N D J F M A
Source: DOE
2019
5
4
3
2
1
-1
85
90
95
100
105
110
80
70
75
2016-Q1
2017-Q1
2018-Q1
2019-Q1
Source: EIA Short-Term Energy Outlook, June 2021
12 JULY 2021 | HydrocarbonProcessing.com
2020-Q1
2021-Q1
2022-Q1
World liquid fuel supply and demand, MMbpd
Forecast
Implied stock draw
Implied stock build
World demand
World supply
2020
2021
Brent dated vs. sour grades (Urals and Dubai) spread,
Jan. 2021-June 2021*
Dubai
Urals
Mars
Rotterdam cracking spread vs. Brent, 2020-2021*
10
20
30
-10
Prem. gasoline
Jet/kero
Gasoil
Fuel oil
10
20
30
40
50
-20
-10
U.S. Gulf cracking spread vs. WTI, 2020-2021*
Prem. gasoline
Jet/kero
Diesel
Fuel oil
2020
2021
d) and prices (US$/Mft3
)
Monthly price (Henry Hub)
12-month price avg.
Production
1
2
3
4
5
6
7
Global refining utilization rates, 2020-2021*
80
90
100
70
60
50
U.S.
EU 16
Selected Asia
Global refining margins, 2020-2021*
25
20
10
15
5
-5
WTI, U.S. Gulf
Brent, Rotterdam
Oman, Singapore
Singapore cracking spread vs. Dubai, 2020-2021*
6
8
4
2
-4
-2
10
20
-20
-10
-30
Prem. gasoline
Jet/kero
Gasoil
Fuel oil
* Material published permission of the OPEC Secretariat; copyright 2021;
all rights reserved; OPEC Monthly Oil Market Report, June 2021.
Supply and demand, MMbpd
Light sweet/medium sour
crude spread, U.S.$/bbl
Jan.-21
Feb.-21
Mar.-21
April-21
May-21
Stock change and balance, MMbpd
June-21
Cracking spread, U.S. $/bbl
May-20
June-20
July-20
Aug.-20
Sept.-20
Oct.-20
Nov.-20
Dec.-20
Jan.-21
Feb.-21
March-21
April-21
May-21
May-20
June-20
July-20
Aug.-20
Sept.-20
Oct.-20
Nov.-20
Dec.-20
Jan.-21
Feb.-21
March-21
April-21
May-21
Cracking spread, U.S. $/bbl
May-20
June-20
July-20
Aug.-20
Sept.-20
Oct.-20
Nov.-20
Dec.-20
Jan.-21
Feb.-21
March-21
April-21
May-21
Cracking spread, U.S. $/bbl
Utilization rates, %
May-20
June-20
July-20
Aug.-20
Sept.-20
Oct.-20
Nov.-20
Dec.-20
Jan.-21
Feb.-21
March-21
April-21
May-21
May-20
June-20
July-20
Aug.-20
Sept.-20
Oct.-20
Nov.-20
Dec.-20
Jan.-21
Feb.-21
March-21
April-21
May-21
Margins, U.S.$/bbl
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Hydrocarbon Processing - July 2021

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