05 December 2012 09:48 [Source: ICIS news]
SINGAPORE (ICIS)--The refining margins of major Chinese refiners increased in the past two weeks because of lower crude prices, 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) 173/tonne (or minus $3.80/bbl) on 5 December, versus minus CNY296/tonne (or minus $6.44/bbl) two weeks ago.
The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY176/tonne (or $3.89/bbl), a rise of CNY2/tonne (or $0.05/bbl) from two weeks earlier.
The December settlement price of Daqing crude was at CNY5,727/tonne, a drop of CNY148/tonne or 2.50% from November, and the November average CFR (cost & freight) price of Oman crude fell by $0.82/bbl or 0.73% month on month to $111.06/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 0.4% and 1.2%, respectively, because of a CNY329/tonne decline in jet fuel prices and CNY150-170/tonne falls in naphtha prices, the data showed.
The refining margin is the difference between crude prices and sales revenue.
($1 = CNY6.23)
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