rongsheng international pricelist

The price trend of crude oil showcased a major escalation in quarter 1 of 2022 after the values shot up from USD88.15 to USD107 per barrel from January and March. India began to see an increase in its oil import bill due to the surge in international oil prices, which surpassed USD100 in H2 of Q1 for the first time in nearly eight years since 2014, as it imports more than 80% of its crude oil from the international market. The crude and gas markets intensified as tensions between the two countries rose following Russian President Vladimir Putin"s decision to launch "military actions" along the Ukraine border. However, India was unconcerned about the supply disruption due to political turmoil, as Russia accounted for only 1% of the country"s total imports in 2021.

The record high prices of oil and Natural gas severely hit the European energy market in the 1st quarter of 2022 after the Russia’s aggressive military attack on Ukraine. In Q1, Russian profits from oil and gas sales rose, but imports plummeted as companies fled the country in defiance of Vladimir Putin"s invasion of Ukraine, resulting in a significant surplus in Russian goods and services trade. Despite tremendous international condemnation of Russia"s invasion of Ukraine, the country continued to sell oil to its primary export markets in the first quarter. China and India, as well as other Asian importers, continued to buy Russian oil at steep discounts, while Europe continued to buy natural gas. For the most part, Europe continued to acquire Russian oil, despite the fact that many European giants said in early March that they would no longer trade with spot Russian crude and oil products following the invasion of Ukraine. The values for Brent Crude Oil in Germany were evaluated at USD118.30 per barrel in the month ending March.

The crude oil market remained resolutely high in the APAC region, amidst major consumers seeking more barrels with the demand turning robust as various downstream industries restarted again after a turnaround. Refiners maintained their key focus on the Chinese and Indian spot demand as operations ramp up turning fuel demand high. Indian Oil Corp. (IOCL) issued a tender in mid-March seeking sweet crude from West Africa and other regions while China"s Rongsheng closed a buy tender for purchase of nearly 3 million barrels of crude from Oman, Murban crude and Upper Zakum in mid-March. Crude futures rose as OPEC+ supplies remained tight with demand expected to increase as global economic activity picks up.

The world’s largest crude oil importer shipped out 4.52 million mt of gasoline, diesel and jet-kerosene in October, up 73% from the 2.62 million mt exported in September, General Administration of Customs data showed. The volumes were little changed from a year ago, which were weighed by a 72% collapse in jet-kerosene shipments due to the virtual grounding of international air travel.

One of the export quota recipient, Zhejiang Petrochemical Corp. (ZPC) was given 1 million mt. The company, which is majority owned by Rongsheng Petrochemical Co., is in the final stages of getting the second phase of its 800,000 b/d refinery up and running.

A bumper 10 million-barrel spot crude oil purchase by Rongsheng Petrochemical suggests it is keen to get the second phase of its massive 40 million mt/yr, or 800,000 b/d, refinery and chemical project at subsidiary Zhejiang Petrochemical Co. Ltd (ZPC) running in the coming months, trading sources said.

Rongsheng announced in August plans to begin trial runs at the second 400,000 b/d tranche of the project in the fourth quarter of 2020 and looks set to achieve this aim despite COVID-19-related construction delays due to social distancing restrictions earlier in the year.

Market participants said Rongsheng was absent from the spot market for a couple of months and returned this week to buy the medium-sour Middle East cargoes, which led some to believe it was restocking but added that the scale of the purchase does point to some use in the new facility.

COVID-19 restrictions in Egypt were introduced in March and were gradually eased throughout June. Commercial flights and international tourism to Egypt resumed on July 1.

Abu Dhabi National Oil Co. (Adnoc), the biggest oil producer in the UAE, informed term customers of a 25% cut to November loadings on Wednesday after surprising the market early this month with a 30% reduction to all four of its export grades. The UAE pumped 3.11 million b/d in August or 520,000 b/d above its compliance target, the International Energy Agency (IEA) said in its monthly oil report published on Tuesday.

This is in line with similar downgrades by others including the IEA as COVID-19 continues to decimate oil demand, particularly jet fuel as much of global international flights stay grounded.

Incidents of piracy reported to the International Maritime Bureau (IMB) totalled 47 in the first three months of 2020, up from 38 in the same period last year,global insurance carrier Allianz Global Corporate and Specialty

For Choudhury, even if U.S. gasoline demand can surpass and hold above 9 million b/d, demand for diesel and jet fuel aren"t likely keep pace given consumers" reluctance to fly and COVID-19-damaged international trade which has slowed truck transportation of goods across the U.S.

Transportation mobility was back to January levels in many Asian economies by early July, and up considerably from April and May, according to the International Energy Agency in its July Oil Market Report, in which it cited Google data.

Under its domestic pricing mechanism, refined oil products are adjusted when international crude oil price changes translate to a change of no less 50 yuan/mt ($7.10/mt) for gasoline and diesel within a period of 10 working days.

In many cases refiners were forced to delay maintenance until workers could safely get to the site but in other cases that require specialist foreign staff, the works were pushed back to later in the year once international air travel were lifted or exemptions given. Malaysia eased local restrictions earlier in June after three months but its borders remain closed.

"We may not see a real recovery until international flights increase. Some travel agencies started offering overseas trip programs, but only for trips from August," said the analyst.

Deploying technology to scrub ship exhaust emissions remains more economically viable than burning fuel oil with a lower sulfur content, chief shipping analyst at Baltic and International Maritime Council (BIMCO) Peter Sand told OPIS on Monday.

Many shipowners expected a fast payback from their investment in scrubbers, indicated by forward swaps curve values for high- and low-sulfur fuel oils after the implementation of new International Maritime Organization legislation on Jan. 2 this year, which mandated the use of very-low-sulfur fuel oil unless an exhaust gas scrubbing system was onboard.

Global crude oil demand is expected to continue to remain significantly depressed in coming months -- IHS Markit projects a year-over-year decline of 22 million b/d in the second quarter of 2020, and the International Energy Agency expects average demand for the year to contract by 9%, or 9 million b/d.

Jet fuel exports in March, on the other hand, shrunk 7.04% from the previous month to 488,000 mt despite bearing the brunt of the demand destruction with the suspension of both domestic and international flights.

Another facet of the agreement was that members of the International Energy Agency (IEA) and other major consumers would add 3 million b/d of oil to their strategic stockpile in the coming months. This, as seen in previous IEA commitments, is a bureaucratic process that will take time to materialize.

The aviation sector is one of the hardest hit by the coronavirus 2019 disease (COVID-19) pandemic, which has seen countries across the globe impose domestic and international travel restrictions.

Data from travel analytics company ForwardKeys shows that global international airline seat capacity for the first week of April declined by more than 77% to 10 million seats from 44.2 million the same time a year ago.

"After international travel resumes, we expect a lingering downward effect from fear of traveling, lower business travel, potential border entry restrictions, and of course the economic fallout from job losses. Upside will have to come from airline and travel operators offering low prices and flexibility," Budds added.

Sources told OPIS that Mexico diesel demand is being impacted by the direct damage COVID-19 inflicted on international supply chains. In comparison, gasoline demand has fallen 3.7% YOY to 768,500 b/d during the second week of March.

As China faced up to the worst of the COVID-19, the China Council for the Promotion of International Trade (CCPIT) announced that it would help affected companies apply for force majeure actions, which essentially excuses them from contractual obligations due to events beyond their control.

As it becomes more apparent that the impacts of coronavirus disease 2019 (COVID-19) on domestic and international travel could potentially go on for weeks, if not months, jet fuel traders and suppliers on the U.S. West Coast are working together to avoid supply lockups as storage tanks fill.

Cutting batches may not be something air carriers want to do, but with the top five airlines at Los Angeles International Airport (LAX) recently announcing large reductions in capacity over the coming weeks, it"s something they will all have to do.

American Airlines said March 10 that it will reduce international capacity by 10%, including a 55% reduction in transpacific capacity, and decrease domestic capacity by 7.5% in April. American Airlines flights accounted for 20.55% of passengers at LAX in January.

Delta Air Lines said March 10 that it would reduce international capacity by 20%-25% and decrease domestic capacity by 10%-15%. Delta flights made up 17.56% of the LAX market in January.

United Airlines said March 20 that it would reduce its international schedule by 95% for April, including a temporary suspension of all flights to Canada, effective April 1. United flights accounted for 13.50% of market share at LAX in January.

Sandy Fielden, director of oil and products research at Morningstar in Austin, Texas, said Brent"s rapidly collapsing premiums to WTI at $1.74/gal on March 13 barely covered the pipeline shipping costs for WTI from Cushing to the U.S. Gulf Coast, let alone the freight costs to overseas markets, rendering WTI less competitive versus Brent from Saudi and Russian barrels in international markets.

Qantas and its budget carrier Jetstar will stop all international flights from the end of March and temporarily layoff two-third of their 30,000 staff. More than 150 aircraft will be grounded during this period.

Immediate and steep production cuts and international collaboration could mitigate the damage. However, it is possible that Saudi Arabia is giving up its role as the balancer, as it is no longer willing to defend oil prices by cutting output only to see others increase theirs, IHS Markit said.

He also sees a reversal in a distillate market dynamic that was in play just before and after the International Maritime Organization (IMO) low-sulfur fuel rules went into place Jan. 1.

A change in position will not be easy in the immediate term but does not appear impossible, said Flores, who also is the former Secretary General of the International Energy Forum based in Riyadh, Saudi Arabia.

The administration could retake the international leadership role Mexico has played in the past to build a constructive dialogue among producers and consumers during difficult times, Flores said.

The panorama for refined products seems weak. In 2018, the International Energy Agency projected a start-up of 7 million b/d of new capacity by 2022-2023; meanwhile, demand would increase of 5 million b/d, Flores said.

The COVID-19 coronavirus pandemic will hurt demand growth, he added. All international and government agencies have cut their oil demand growth forecasts.

Mexico"s retail prices have been slow to pass savings from the drop experienced in the international market to end consumers. Regular gasoline prices have fallen only peso 0.5/liter since Feb. 2, when Mexico stopped subsidizing fuel prices.

As reported on March 9, Australia"s Energy Minister Angus Taylor said he would be travelling to the United States this week to sign the agreement, which "will enhance Australia"s resilience to international fuel disruptions by increasing our oil stockholdings."

The agreement solves both a political and supply problem for Australia, where the country"s strategic reserves fall below levels required by the International Energy Agency (IEA). Australia, which imports 90% of its liquid fuels, has enough oil in storage to last 54 days, according to local reports.

--HSBC: The international bank drastically reduced its forecasts for Brent and WTI, dropping the benchmark targets to $49/bbl and $44.80/bbl, respectively.

Rongsheng Petro Chemical Co, Ltd. specialises in the production and marketing of petrochemical and chemical fibres. Products include PTA yarns, fully drawn polyester yarns (FDY), pre-oriented polyester yarns (POY), polyester textured drawn yarns (DTY), polyester filaments and polyethylene terephthalate (PET) slivers.

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