|2020-01-19 来源： 中国石化新闻网|
中国石化新闻网讯 据1月17日Hydrocarbon processing报道，由于市场需求不尽人意，全球范围内将原油精炼成取暖油和柴油等馏分油的利润率大幅下滑，人们猜测，一些炼油商可能会开始降低成品油加工率。
交易员们表示，迄今为止，规则变化对馏分油供应的影响有限，在今年初IMO 2020实施前囤积了大量馏分油多头头寸的投机者已开始解除头寸。IMO 2020预计将提振此类燃料的需求。他们表示，这进一步侵蚀了馏分油的利润率。
洪伟立 摘译自 Hydrocarbon processing
Global distillate refining margins plummet on weak demand
Margins to refine crude into distillates like heating oil and diesel have slumped around the globe due to disappointing demand, prompting speculation that some refiners could start to reduce processing rates.
In the United States, imports from markets including Europe have boosted supply, while milder weather has undercut distillate demand, which typically rises during winter. That is oversaturating a market, especially in the Northeast - the country’s biggest heating oil market - where inventories are already high.
U.S. distillate margins HOc1-CLc1 have fallen to the weakest level since July 2018, plunging to $18.60 a gallon on Friday, according to Refinitiv data. Benchmark U.S. heating oil futures slid to the lowest in three months on Friday.
“Distillate cracks (margins) are off about $4 since the beginning of last week ,” one U.S. trader said.
Even with margins collapsing, additional imports from Canada are expected, another U.S.-based trader said.
U.S. distillate stockpiles last week climbed to the highest seasonally since 2017, with a notable build on the East Coast, while distillate demand dropped unseasonably last week to its lowest since 2017, according to U.S. Energy Information Administration data.
Speculators that had amassed bullish positions in distillates ahead of a new maritime law at the start of the year that was expected to boost demand for such fuels have begun unwinding them as the rule change has had limited impact on distillate supplies so far, traders said. This has further eroded distillate margins, they said.