{"id":23633,"date":"2012-10-16T03:24:24","date_gmt":"2012-10-16T03:24:24","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/?p=23633"},"modified":"2012-10-19T07:35:49","modified_gmt":"2012-10-19T07:35:49","slug":"industrie-petroliere-noubliez-plus-les-marges-de-raffinage","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2012\/10\/16\/industrie-petroliere-noubliez-plus-les-marges-de-raffinage\/","title":{"rendered":"Industrie p\u00e9troli\u00e8re: n&rsquo;oubliez plus les marges de raffinage!"},"content":{"rendered":"<p>Total, le p\u00e9trolier \u00ab\u00a0\u00e0 la triste figure\u00a0\u00bb, vient de surprendre ses observateurs en publiant pour ce troisi\u00e8me trimestre 2012 un index de marge de raffinage europ\u00e9en (ERMI) historiquement \u00e9lev\u00e9 (FIG.I). Les cours des produits raffin\u00e9s \u00e0 Rotterdam ont progress\u00e9 plus vite que ceux du p\u00e9trole brut. Bien que le Groupe ne donne aucune explication analytique sur les raisons de ce r\u00e9sultat, cette information nous rappelle \u00e0 bon escient que les produits livr\u00e9s et commercialis\u00e9s en bout de la cha\u00eene p\u00e9troli\u00e8re sont\u00a0 des produits raffin\u00e9s (carburants, combustibles et autres interm\u00e9diaires de la p\u00e9trochimie) et non du p\u00e9trole brut.<\/p>\n<p><a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/ERMI.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-23635\" title=\"ERMI\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/ERMI-300x235.jpg\" alt=\"\" width=\"300\" height=\"235\" srcset=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/ERMI-300x235.jpg 300w, https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/ERMI-75x60.jpg 75w, https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/ERMI.jpg 745w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Les 51 dollars la tonne de marge standardis\u00e9e ou 7 dollars par baril, se rajoutent grossi\u00e8rement aux 109,5 dollars des cours moyens du baril de brut (BRENT) du trimestre. La marge de raffinage en Europe a major\u00e9 au troisi\u00e8me trimestre les cours moyens des produits raffin\u00e9s de plus de 6% par rapport \u00e0 ceux du brut, selon les calculs de Total portant sur une raffinerie europ\u00e9enne \u00ab\u00a0moyenne\u00a0\u00bb.<\/p>\n<p>Ce r\u00e9sultat partiel publi\u00e9 par Total est \u00e0 rapprocher aux marges de raffinage publi\u00e9es par BP sous la forme d&rsquo;un indice beaucoup plus mondialis\u00e9 le Refining Marker Margin (FIG.II), refl\u00e9tant grosso-modo les activit\u00e9s de raffinage de BP qui sont proches des donn\u00e9es \u00e9conomiques du Golfe du Mexique.<\/p>\n<p><a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/prix-p\u00e9trole-et-marge-raffinage.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-23636\" title=\"prix-p\u00e9trole et marge-raffinage\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/prix-p\u00e9trole-et-marge-raffinage-213x300.jpg\" alt=\"\" width=\"213\" height=\"300\" srcset=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/prix-p\u00e9trole-et-marge-raffinage-213x300.jpg 213w, https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/10\/prix-p\u00e9trole-et-marge-raffinage.jpg 653w\" sizes=\"auto, (max-width: 213px) 100vw, 213px\" \/><\/a><\/p>\n<p>Les prix des produits raffin\u00e9s sont\u00a0 tr\u00e8s proches de part et d&rsquo;autre de l&rsquo;Atlantique en raison des nombreux \u00e9changes possibles. Ceci\u00a0 favorise les marges de raffinage am\u00e9ricaines par rapport \u00e0 un baril de WTI dont les cours \u00e0 New York ont \u00e9t\u00e9 en moyenne,\u00a0 durant le trimestre, de 17 dollars\u00a0 inf\u00e9rieurs \u00e0 ceux du baril de Brent cot\u00e9 \u00e0 Londres. Cette diff\u00e9rence des cours permet d&rsquo;expliquer les copieuses marges am\u00e9ricaines de raffinage autour des 17 + 7 =24 dollars par baril publi\u00e9es par BP (courbe rouge). En r\u00e9sum\u00e9, les marges de raffinage am\u00e9ricaines se valorisent avec les cours du Brent \u00e0 Londres (courbe bleue). Situation de rente hautement\u00a0 profitable pour la profession pr\u00e9sente en Am\u00e9rique du Nord qui voit ses produits raffin\u00e9s major\u00e9s en moyenne\u00a0 de 26% par rapport aux cours locaux du p\u00e9trole. Ces donn\u00e9es peuvent expliquer le bon timing pour <a href=\"http:\/\/www.bp.com\/genericarticle.do?categoryId=2012968&amp;contentId=7078253\" target=\"_blank\">la vente de la raffinerie BP <\/a>de Texas City \u00e0 Marathon pour quelques 2,5 milliards de dollars dont 1,8 milliards pour le stock et le cash en caisse.<\/p>\n<p>En clair tout commentaire pertinent sur les cours du p\u00e9trole doit oublier les cours r\u00e9gionaux du WTI am\u00e9ricain et se baser soit sur les cours du Brent cot\u00e9 \u00e0 Londres ou ceux des produits raffin\u00e9s (essence, gasoil) cot\u00e9s \u00e0 New York.<\/p>\n<p>ACC\u00c9DER <a href=\"http:\/\/www.total.com\/fr\/investisseurs-institutionnels\/principaux-indicateurs-900302.html\" target=\"_blank\">aux publications de Total sur le sujet<\/a>. ACC\u00c9DER<a href=\"http:\/\/www.bp.com\/extendedsectiongenericarticle.do?categoryId=9016864&amp;contentId=7030494\" target=\"_blank\"> \u00e0 celles de BP<\/a>.<\/p>\n<p>Le 16 Octobre 2012<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total, le p\u00e9trolier \u00ab\u00a0\u00e0 la triste figure\u00a0\u00bb, vient de surprendre ses observateurs en publiant pour ce troisi\u00e8me trimestre 2012 un index de marge de raffinage europ\u00e9en (ERMI) historiquement \u00e9lev\u00e9 (FIG.I). Les cours des produits raffin\u00e9s \u00e0 Rotterdam ont progress\u00e9 plus vite que ceux du p\u00e9trole brut. Bien que le Groupe ne donne aucune explication analytique [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":23635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[273],"class_list":["post-23633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energie-fossile","tag-petrole"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Industrie p\u00e9troli\u00e8re: n&#039;oubliez plus les marges de raffinage! - leblogenergie.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2012\/10\/16\/industrie-petroliere-noubliez-plus-les-marges-de-raffinage\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Industrie p\u00e9troli\u00e8re: n&#039;oubliez plus les marges de raffinage! - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"Total, le p\u00e9trolier \u00ab\u00a0\u00e0 la triste figure\u00a0\u00bb, vient de surprendre ses observateurs en publiant pour ce troisi\u00e8me trimestre 2012 un index de marge de raffinage europ\u00e9en (ERMI) historiquement \u00e9lev\u00e9 (FIG.I). 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