11 October 2012 11:52 [Source: ICIS news]
SINGAPORE (ICIS)--Refining margins of major Chinese refiners declined in early October as crude prices went up, ICIS data showed on Thursday.
Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at minus yuan (CNY) 188/tonne (or minus $4.06/bbl) on 10 October, down from CNY4/tonne (or $0.09/bbl) from two weeks ago.
The gross margins for refining ?xml:namespace>
The October settlement price of Daqing crude was at CNY6,009/tonne ($954/tonne), a rise of CNY249/tonne, or 4.3%, from September, and the September average CFR price of
The wholesale prices of refined products from Daqing crude and Oman crude gained by 1% and 1.5%, respectively, because of a 5% rise in both jet fuel and naphtha ex-refinery prices, the data also showed.
Refining margin is the difference between crude prices and sales revenue.($1 = CNY6.30)
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