Crude oil related information:
Crude oil and related inventory: on April 8, 2022, the commercial inventory of crude oil in the United States was 421.8 million barrels, an increase of 9.4 million barrels per week; Gasoline inventory was 233.1 million barrels, with a weekly decrease of 3.6 million barrels; Distillate oil inventory was 114.4 million barrels, with a weekly decrease of 2.9 million barrels; Propane inventory was 35.9 million barrels, an increase of 984000 barrels per week. U.S. crude oil production and number of drilling rigs: on April 8, 2022, the U.S. crude oil production was 11.8 million barrels / day, the weekly number remained unchanged, an increase of 800000 barrels / day compared with a year ago. On April 14, the number of drilling rigs in the United States was 693, with an increase of 4 in the week and 254 in the year; The number of drilling rigs in Canada is 103, with a weekly decrease of 8 and an annual increase of 47. Among them, there are 548 oil production rigs in the United States, with an increase of 2 in the week and 204 in the year.
Price change:
Among the 188 chemical products we monitored, the top three products with price increases this week were potassium sulfate International (up 26.6%), formic acid (up 25.0%) and Iminodiacetonitrile (Idan) (up 16.7%); The top three declines were: liquid chlorine (down 17.3%), thermal coal (Qinhuangdao) (down 15.4%) and DMF (down 11.3%).
Monthly, the top three products with price increases were formic acid (up 90.0%), natural gas (up 48.2%) and diammonium phosphate International (up 45.9%); The top three declines were thermal coal (Qinhuangdao) (down 27.9%), DMC (down 26.3%) and 107 gum (down 26.2%). Price difference change:
The top three products with price difference increase this week are PTA (up 841.6%), oil head propylene (up 603.0%) and R125 (up 99.8%); The top three declines were polyvinyl alcohol (down 801.3%), R410A (down 700.0%) and butyl acrylate (down 252.8%).
Monthly, the top three products with price difference increase were formic acid price difference (up 140.5%), carbon black price difference (up 140.3%) and MTO price difference (up 84.1%); The top three declines were R410A price difference (down 400.0%), diammonium phosphate (down 225.0%) and polyethylene price difference (down 192.0%).
We believe that it is a reasonable choice for light hydrocarbon chemical enterprises to use by-product blue hydrogen to produce chemicals at present. The reasons include: 1) the carbon emission of by-product hydrogen is very low and the difficulty of project approval is low; 2) The cost of by-product hydrogen is far lower than that of another main hydrogen source in the future, photovoltaic wind power electrolysis of water to produce hydrogen; 3) The production of chemicals is faster than that used in new scenarios such as hydrogen energy vehicles. In the report “carbon neutralization series 8: how to use the by-product hydrogen of light hydrocarbon chemical industry”, according to the comprehensive analysis of unit hydrogen output value, unit hydrogen investment and the future prosperity of products, we are more optimistic about adipic acid and butanol octanol, which can produce higher return on investment than other products in the future. From the perspective of secondary market investment, we suggest paying attention to satellite Chemistry ( Zhejiang Satellite Petrochemical Co.Ltd(002648) , buy), Wanhua Chemical Group Co.Ltd(600309) ( Wanhua Chemical Group Co.Ltd(600309) , buy), Jinneng Science&Technology Co.Ltd(603113) ( Jinneng Science&Technology Co.Ltd(603113) , buy), Oriental Energy Co.Ltd(002221) ( Oriental Energy Co.Ltd(002221) , not rated), etc. with light hydrocarbon chemical production capacity.
Risk tips
Changes in carbon neutralization policies, breakthroughs in new energy technologies, project investment progress not in line with expectations, etc.
