“Product prices rose during the fourth quarter of 2020 driven by healthy demand and a tightness in the supply/demand balance for some of our key products, which resulted from outages and rising oil prices,” the company said. In Japan alone, propane and butane prices in Q4 soared more than 30% from Q3, it noted.
The increase in SABIC’s revenue to SAR 32.85 billion ($8.76 billion) was also attributed to stronger oil prices and economic recovery. The cost of sales came to SAR 24.73 billion, 9% higher than Q3 2020 mainly due to an increase in feedstock prices, SABIC said. Read more…..
Chart of the Day
CNBC’s Kelly Evans discusses energy sector stocks and where to invest as crude oil rallies this week with Dan Pickering of Pickering Energy Partners.