Major Chinese refiners post better margins on lower crude prices

07 November 2012 09:08  [Source: ICIS news]

SINGAPORE (ICIS)--The refining margins of major Chinese refiners increased in early November as crude prices declined, ICIS data showed on Wednesday.

Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at minus yuan (CNY) 99/tonne (or minus $2.16/bbl) on 7 November, versus minus CNY197(or minus $4.25/bbl) two weeks ago.

The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY349/tonne (or $7.69/bbl), a rise of CNY172/tonne (or $3.81/bbl) from two weeks earlier.

The November settlement price of Daqing crude was CNY5,875/tonne, a drop of CNY134/tonne or 2.23% from October, and the October average CFR (cost & freight) price of Oman crude fell by $2.62/bbl or 2.3% month on month to $111.88/bbl, according to data from C1 Energy, an ICIS service in China.

The wholesale prices of refined products from Daqing crude and Oman crude declined by 0.6% and 0.3%, respectively, because of CNY100-300/tonne falls in both jet fuel and naphtha ex-refinery prices, the data also showed.

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

By: Jean Zou
+65 6780 4359

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