06 July 2012 08:08 [Source: ICIS news]
SINGAPORE (ICIS)--The margins of major Chinese refiners rebounded in early July as crude prices have declined since late June, ICIS data showed on Friday.
Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at yuan (CNY) 63/tonne (or $1.37/bbl) on 4 July, versus minus CNY442/tonne (or minus $9.64/bbl) two weeks ago.
The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY335/tonne (or $7.33/bbl) on 4 July, as compared with minus CNY35/tonne (or minus $0.78/bbl) two weeks earlier.
The price of Daqing and Oman crude decreased by 11.3% and 10.5%, respectively, in the past two weeks, while the sales revenue from processing Daqing and Oman only fell by 2.70% and 3.80%, respectively, according to data from C1 Energy, an ICIS service in China.
Refining margin is the difference between crude prices and sales revenue.
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