China’s refining margins fall on higher crude prices

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 Oman crude, a representative of foreign crude, averaged at CNY176/tonne (or $3.84/bbl) on 10 October, a drop of CNY18/tonne (or $0.39/bbl) from two weeks earlier.

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 Oman crude went up by $2.60/bbl month on month to $114.50/bbl, according to data from C1 Energy, an ICIS service in China.

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)

By: Jean Zou
+65 6780 4359

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