by Gerhard Engelbrecht | Nov 20, 2020 | Chemicals
Spot earnings dropped back this week as oil prices and refining margins declined with a slightly stronger rand. FY21 spot earnings are now at R5.78/share.Chemical prices in Asia were generally higher this week with ethylene prices increasing by almost 13% due to...
by Gerhard Engelbrecht | Nov 13, 2020 | Chemicals
Spot earnings continue to increase and are 22% below our estimate for FY21 at R6.06/share. The recent increase in oil prices is a key driver of higher earnings. Refining margins were stable but remain well below mid cycle levels. The stronger rand...
by Gerhard Engelbrecht | Nov 10, 2020 | Chemicals
NGL production in the US: US natural gas liquids (NGL) and ethane production continue to grow despite significantly lower rig counts. The countrywide ethane rejection is at 640kbpd or 23% of total.Gulf Coast consumption: While there is sufficient ethane for six...
by Gerhard Engelbrecht | Nov 5, 2020 | Chemicals
Spot earnings are increased to R5.51/share as there was a slight recovery in oil prices while refining margins increased by $2.40/bbl. Both petrol and diesel cracks are above $3/bbl. Crack remain well below our estimates for the year, however.While plastic...
by Gerhard Engelbrecht | Oct 30, 2020 | Chemicals
Spot earnings are currently at R2.80/share for FY21 and have declined significantly on the lower oil price as well as significantly lower refining margins. Diesel cracks remain negative and petrol crack spreads have also turned negative in the week. We...
by Gerhard Engelbrecht | Oct 29, 2020 | Chemicals
Earnings downgrades: We have reviewed our earnings estimates for Sasol to reflect the most recent product prices, the recently published first quarter production numbers and updated guidance as well as the impact of the disposal of 50% of the Base Chemicals...
