Chichot historii
/ 83.5.216.* / 2009-04-03 11:20
Conoco provided a chart of crude and natural gas prices that really sums up the problem. In the first quarter of 2008, WTI crude sold for $97.94; this quarter the price was $42.97. Dated Brent crude sold for $96.90 in the first quarter of 2008, and $44.40 in the first quarter of 2009. Natural gas prices were just as bad. In 2008 natural gas prices were $8.03/thousand cubic feet, and in 2009 the price had fallen to $4.91/thousand cubic feet.
Refining and marketing is also forecast to be lower because marketing margins are off more than 50% worldwide and refining margins are also in decline. Worse for Conoco is the fact that refining margins have recovered somewhat in the first quarter of 2009, but the company missed the opportunity due to “significant decreases in distillate margins and sour crude differentials, as well as regional impacts from planned turnarounds that occurred in the early part of the quarter.”
Global refinery utilization is expected be in the low 80%-range, and about 80% in the US. These rates are quite low, but they reflect the global economic miseries.