China’s refining margins stay flat on stable crude, product prices

27 September 2012 10:47  [Source: ICIS news]

SINGAPORE (ICIS)--Refining margins of major Chinese refineries were stable in the past two weeks with limited changes in crude costs and product prices, ICIS data showed on Thursday.

Based on integrated ex-refinery prices of oil products, the margin for refining Daqing crude averaged yuan (CNY) 4/tonne (or $0.09/bbl) on 26 September, down by CNY5/tonne (or $0.11/bbl) from two weeks ago.

The gross margin for refining Oman crude - a representative of foreign crude - averaged CNY194/tonne (or $4.23/bbl) on 26 September, an increase of CNY3/tonne (or $0.77/bbl) from two weeks ago.

Refiner’s settlements of Daqing and Oman crude have been largely stable in the two weeks, according to data from C1 Energy, an ICIS service in China.

Sales revenues of refined products from processing Daqing and Oman were stable in the period amid weak product demand and softer international crude prices.

Refining margin is the difference between crude prices and sales revenue.

By: Amy Sun
+65 6780 4359

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