China’s refining margins for Oman crude fall on lower product prices

29 May 2013 10:27  [Source: ICIS news]

SINGAPORE (ICIS)--Refining margins of major Chinese refiners using Oman crude as feedstock declined in the past two weeks as product prices declined, ICIS data showed on Wednesday.

Based on integrated ex-refinery prices of oil products, the gross margins for refining Oman crude, a representative of foreign crude, averaged at yuan (CNY) 146/tonne (or $3.24/bbl), versus a margin of CNY170/tonne (or $3.76/bbl) on 15 May.

The income of refined products from Oman crude went down by 0.39% in the period mainly because of a 3.7% fall in mix aromatics prices and a 6.1% drop in liquefied petroleum gas (LPG) prices, according to the data from C1 Energy, an ICIS service in China.

However, refiners still suffer losses in refining Daqing crude, with a negative $2.76/bbl  margin this week, largely flat with two weeks ago.

The prices of Oman crude and Daqing crude were unchanged at $104.76/bbl and CNY5,445/tonne respectively, the data also showed.

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

($1 = CNY6.12)

By: Fanny Zhang
+65 6780 4359

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