06 March 2013 08:26 [Source: ICIS news]
SINGAPORE (ICIS)--The refining margins of major Chinese refiners improved in early March as oil product prices went up, 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) 87/tonne (or minus $1.89/bbl) on 6 March, versus minus CNY147 (or minus $3.23/bbl) two weeks ago.
The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY227/tonne (or $4.99/bbl), a rise of CNY60/tonne (or $1.28/bbl) from two weeks earlier.
The wholesale prices of refined products from Daqing crude and Oman crude increased by 4.3% and 4.0%, respectively, according to data from C1 Energy, an ICIS service in China.
The increases were mainly because of the CNY300/tonne and CNY290/tonne rises in gasoline and diesel prices and CNY300-400/tonne gains in jet fuel and naphtha prices.
The March settlement price of Daqing crude was CNY5,949/tonne, up by CNY198/tonne or 3.4% from February, and the February average CFR (cost & freight) price of Oman crude gained by $2.47/bbl or 2.22% month on month to $113.54/bbl, the data showed.
Refining margin is the difference between crude prices and sales revenue.
($1 = CNY6.22)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections