Russian refinery attacked again! Global supply concerns intensify!

Recently, Russian refineries have been targeted again, and global supply concerns have intensified. According to Reuters, a fire at the ExxonMobil refinery in Bay City, Texas, caused the shutdown of a key hydrogenation unit and a reduction of 564,440 barrels of daily gasoline. This is ExxonMobil's second recent refinery accident, making the market nervous.

At the same time, attacks on Russian oil infrastructure in Ukraine have intensified, with seven refineries targeted by drones this month alone. These attacks have led to a reduction in Russia's refining capacity of about 370,500 barrels per day, or about 7% of its total capacity. These losses could reduce global oil supply by about 350,000 barrels per day, further adding to market concerns.

In addition, exports of crude oil from Saudi Arabia and Iraq have also decreased, further exacerbating tensions in the global oil market. Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), said it would reduce crude oil exports to 3.3 million barrels per day to offset the portion that has exceeded OPEC's quota since January. Saudi Arabia's crude oil production this year has been reduced for the second consecutive month.

Go up! Crude oil rose to a new high in nearly 5 months! Straight to $90!

Rising demand for crude oil in the US and China also weighed on the market amid tight supply. Data from China's National Bureau of Statistics show that in January-February, industrial crude oil production rose 2.9 percent year-on-year, and imported crude oil rose 5.1 percent year-on-year. Meanwhile, dwindling U.S. fuel stockpiles and the upcoming summer driving month have added to supply concerns.

The strong rise in oil prices has also triggered a wave of price increases in the chemical market. A number of chemical varieties to follow the rise in oil prices, BASF, Kanghui new materials and other giants have issued a price increase letter. Among them, BASF has continuously increased the price of its PA6/PA66 products, while Kanghui New Materials also announced that the price of PBT products has increased by 300 yuan/ton. In addition, the titanium dioxide market also ushered in the third wave of price increases, the leading enterprise Longbai Group took the lead in issuing price increase letters, and then a number of companies have followed up.

At present, the crude oil market is still continuing to rise, the giants frequently adjust prices, a series of price increase letters. The general situation has been formed, and all bosses need to seize the opportunity to meet the challenges of the market.

In general, the intensification of global supply concerns, the rise in crude oil prices and the formation of price increases in the chemical market have all made the market atmosphere tense and full of variables. In these challenging times, companies and investors need to be vigilant and flexible in responding to market changes.