China’s major refinery margins rise on weaker crude

03 April 2013 08:48  [Source: ICIS news]

SINGAPORE (ICIS)--The refining margins of major Chinese refiners rebounded in the past two weeks as crude prices went down in April, 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) 35/tonne (or minus $0.76/bbl) on 3 April, versus minus CNY96/tonne (or minus $2.10/bbl) two weeks ago.

The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY219/tonne (or $4.81/bbl), a rise of CNY10/tonne (or $0.22/bbl) from two weeks earlier.

The April settlement price of Daqing crude was at CNY5,652/tonne, down by CNY297/tonne, or 5%, from two weeks ago; and the March average CFR price of Oman crude declined by $5.45/tonne, or 4.8%, to $108.09/tonne, according to the data from C1 Energy, an ICIS service in China.

The wholesale prices of refined products from Daqing crude and Oman crude declined by 4.2% and 4.5% respectively, mainly because of a 3.5-4.0% drop in oil product ex-refinery prices, the data also showed.

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

($1 = CNY6.20)

By: Jean Zou
+65 6780 4359

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