The perspective of the birth and production: "Rita" worsens the petrochemical industry in the United States
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A direct loss of US$5 billion On September 25, the turmoil brought by Rita has not stopped. The US petrochemical industry made a preliminary assessment of the disaster. According to foreign reports, the disaster brought about 5 billion U.S. dollars in damage to the petrochemical industry in the Gulf of Mexico in the United States.
A spokesman for the US Department of Energy, Steven, confirmed that "Rita" swept across the Gulf of Mexico's offshore oil and gas production platform before landing. Although the situation of the nine major oil refineries in the Houston area is cautiously optimistic, the losses of petrochemical companies in other places are still unknown. US Coast Guard officials also described the destruction of at least two offshore drilling rigs, but no terrible fires occurred. Some loss reports issued by petrochemical companies show that at least one of the three major oil refineries located in Port Arthur suffered serious losses. Relevant person of Valero Energy Company, the largest oil refinery company in the United States, said that their refinery in Arthur Bay was hit hard. In order to restart their 250,000 barrels per day refining capacity, it may take two weeks or even one month. time. Motiva Energy Company and Citgo Oil Company also reported that they were partially destroyed at the Port Arthur and Charles Lake refineries. Fortunately, ExxonMobil's Bay City refinery, which has the largest refinery in the United States with a capacity of 557,000 barrels per day, escaped the disaster.
According to a report from the American Petroleum Pipeline Association, a natural gas pipeline in Louisiana was leaked due to flooding and is currently being repaired.
Preventing harm in advance From the direct loss and impact brought by Rita, its impact on the petrochemical industry in the Gulf of Mexico is not as good as Katrina. Therefore, before and after the landing of “Ritaâ€, international crude oil prices did not rise sharply after the last hurricane. On September 24, London's Brent crude oil opening price in October even fell by nearly a dollar.
The U.S. Energy Information Administration said that before the landing of Hurricane Rita, some refineries in the Gulf were closed to prevent damage from hurricanes. In Texas alone, there are 16 refineries with a total of 2.3 million barrels per day of refining capacity closed. The U.S. Minerals Administration confirmed that before Friday, all oil-mining companies in the Gulf of Mexico and about 75% of natural gas miners stopped production. At the same time, 653 oil and gas exploration platforms and 92 oil and gas drilling platforms were evacuated. Greatly reduced the damage of Hurricane Rita.
Local production companies withdrew hundreds of workers before the hurricane. As early as Tuesday, Exxon Mobil withdrew 100 employees in the Gulf of Mexico, while BP evacuated all employees out of the hurricane-affected area. Apache evacuated 260 non-reserved personnel. U.S. officials confirmed that it is these enterprises that have taken effective measures. So far, there has been no news of employees in the petrochemical industry suffering casualties in the hurricane.
Production recovery is not a short-term capability Although Rick Perry, governor of Dezhou, USA, asserted shortly after the disaster, petrochemical companies in Texas will soon resume production. However, all disaster-affected companies do not think so. Shell, which claims to be suffering only minor damage to its power lines and cooling water system, stated in its statement that they also said that it was not good when the company could resume production. Chevron, which just underwent “change to the mainâ€, even claimed that its refinery will not be able to restart its production until mid-nine-months, and its full capacity to reach the pre-disaster level will not be until mid-December. The French oil company has a capacity of 230,000 barrels of oil per day at the Total refinery in Arthur's Port. They are still in the stage of loss assessment and they have not considered the time for re-production.
These losses are visible, and the timely recovery of crude oil extraction and oil refining capacity closed for disaster prevention will have a profound impact on the US energy market.
The area where Rita is swept is known as the center of the petrochemical industry in the United States. The refining capacity accounts for nearly 30% of the total capacity in the United States.
The U.S. Energy Information Administration said that before the Rita landed, the shutdown of petrochemical companies in the Gulf of Mexico caused the US market to lose 2.2 million barrels of gasoline per day and also lost 1.2 million barrels of distillate production. The US refinery's outage production capacity is approaching 5 million barrels per day. In addition, affected by Hurricane Rita, it also lost 600,000 barrels of aviation fuel oil every day.
Impact on China Will Show Lag Behind The United States is the world's largest producer of petrochemical products and the world’s largest consumer of petrochemical products. Every move in this market will cause the surging international market. The catastrophe is that the supply gap of petrochemical products caused by the shutdown of the petrochemical companies in the Gulf of Mexico will affect the entire international petrochemical market. If these closed production capacities cannot be immediately restored, in order to meet their needs, an international market in which supply and demand have been basically balanced will form a US demand “funnel†and large quantities of petrochemical products will flow to the United States on a large scale for a period of time. The tight supply of international petrochemical products and rising prices are inevitable. China is a large importer of petrochemical products, and many products including ethylene and the three major synthetic materials require large amounts of imports. The formation of the “funnel†in the United States will undoubtedly affect the international market supply to China. The strength and duration of this impact will depend on the recovery of petrochemical capacity in the affected area of ​​the United States.