12 April 2012 08:46 [Source: ICIS news]
SINGAPORE (ICIS)--Refining margins of major Chinese refineries have plunged in the past two weeks as feedstock costs increased and product prices held steady, according to C1 Energy data gathered from traders on Thursday.
Based on integrated ex-refinery prices of oil products, the margin for refining Daqing crude was minus yuan (CNY) 118/tonne (or minus $2.53/bbl) on 11 April, versus CNY274/tonne two weeks ago, according to the data from C1 Energy, an ICIS service in China.
The gross margin for refining Oman crude, a representative of foreign crude, fell by CNY225/tonne (or $4.83/bbl) to CNY358/tonne on 11 April.
The prices of Daqing and Oman crude rose by 7.4% and 4.6% respectively in the two-week period ending 11 April, C1 Energy data showed.
The integrated prices of refined products from Daqing and Oman crude climbed by 0.9% and 1.2%, respectively, the data said.
The refining margin is the difference between a refinery’s wholesale income of oil products and its cost of crude.
($1 = CNY6.31)
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