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Exxonmobil 'Well-positioned' for IMO2020, Says Exec
Oil major Exxonmobil is 'well-positioned' for the IMO2020 fuel oil change, an executive has said during the oil major's latest earnings call.
Exxonmobil's Neil Chapman said the company's refineries "particularly on the [US] Gulf Coast are high conversion refineries with low fuel oil production".
"We would say that we feel very well positioned in the US," Chapman said according to the seeking alpha transcript of the earnings call.
Chapman also cited the "big, new coker in Antwerp" and investments "in projects that reduce high sulfur fuel oil production in Singapore" as evidence that the company is in a strong position to benefit from the global change to the bunker fuel oil sulfur cap through its capacity for low sulfur fuel oil production.
Analyst opinion has been saying for sometime that US refiners which have more sopisticated refining plant should be net gainers from the IMO2020 change.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 549.00 | 0.50 | 668.50 | 4.00 |
| Rotterdam | 503.50 | 2.00 | 653.00 | 3.50 |
| Houston | 549.50 | 4.00 | 677.50 | 1.00 |
| Fujairah | 544.50 | 1.50 | 746.00 | 0.00 |
| Global 20 Ports Average | 578.50 | 1.00 | 758.50 | 0.00 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 1.50 |
| Global Average Bunker Price | 622.50 | 1.50 | 803.00 | 1.50 |
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