China’s major refinery margins fall on lower product prices

02 May 2013 10:49  [Source: ICIS news]

SINGAPORE (ICIS)--The refining margins of major Chinese refiners declined over the past two weeks as oil product prices went down, ICIS data showed on Thursday.

Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at minus yuan (CNY) 194/tonne (or minus $4.24/bbl) on 2 May, versus minus CNY69/tonne (or minus $1.51/bbl) two weeks ago.

The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY127/tonne (or $2.80/bbl), a fall of CNY103/tonne (or $2.27/bbl) from two weeks earlier.

The income of refined products from Daqing crude and Oman crude declined by 5.57% and 4.94% respectively, which were mainly because of a drop of about 5% in the gasoline and gasoil ex-refinery prices and a 6.6% fall in the jet fuel ex-refinery prices, according to the data from C1 Energy, an ICIS service in China.

The May settlement prices of Daqing crude declined by CNY207/tonne or 3.66% from April to CNY5,445/tonne. April average CFR price of Oman crude went down by $3.33/bbl or 3.1% to $104.76/bbl, the data also showed.

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

($1 = CNY6.17)

By: Jean Zou
+65 6780 4359

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