04 January 2013 10:40 [Source: ICIS news]
SINGAPORE (ICIS)--The refining margins of major Chinese refiners increased in early January as crude prices declined, ICIS data showed on Friday.
Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at minus yuan (CNY) 171/tonne ($27.4/tonne), or minus $3.76/bbl, on 4 January, compared with minus CNY192 (or minus $4.22/bbl) two weeks earlier.
The January settlement price of Daqing crude was CNY5,705/tonne, a drop of CNY22/tonne, or 0.4%, from December, according to data from C1 Energy, an ICIS service in China.
The December average CFR price of Oman crude fell by $0.78/bbl or 0.7% month on month to $110.28/bbl, it showed.
The wholesale prices of refined products from Daqing crude and Oman crude were mainly stable in the period, the data showed.
Refining margin is the difference between crude prices and sales revenue.
($1 = CNY6.23)
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