China’s refining margins for Oman crude fall as product prices drop

26 April 2012 11:20  [Source: ICIS news]

SINGAPORE (ICIS)--The refining margins of major Chinese refiners that use Oman crude as feedstock have declined over the past two weeks as product prices dropped, according to C1 Energy data gathered from traders on Thursday.

Based on integrated ex-refinery prices of oil products, the gross margin for refining Oman crude was yuan (CNY) 305/tonne (or $6.49/bbl) on 25 April, down by CNY53/tonne (or $1.13/bbl) from two weeks ago as the prices of refined products fell by CNY55/tonne or 0.8%.

However, the margin for refining Daqing crude rebounded to minus CNY94/tonne (or minus $2.02/bbl) on 25 April from minus CNY118/tonne (or minus $2.53/bbl) two weeks ago, mainly because of a 0.3% of gains in refined product prices.

The costs of Daqing crude and Oman crude remained unchanged from two weeks ago.

The refining margin is the difference between a refinery’s wholesale income from oil products and its cost of crude.

($1 = CNY6.31)

By: Jean Zou
+65 6780 4359

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