Major China refiners’ margins improve in mid-June as costs fall

14 June 2013 09:43  [Source: ICIS news]

SINGAPORE (ICIS)--China’s major refiners saw improvement in refining margins around mid-June from end-May as declines in feedstock costs offset falls in ex-refinery prices of petroleum products, ICIS C1 data showed on Friday.

Based on the integrated ex-refinery prices of petroleum products, the margins for refining Daqing crude averaged minus CNY65/tonne (or minus $1.43/bbl) on 13 June, versus minus CNY119/tonne (or minus $2.61/bbl) two weeks ago, the data indicated.

For refining Oman crude, a representative of foreign crude, gross margins averaged CNY191/tonne (or $4.26/bbl), up by CNY45/tonne (or $1.02/bbl) from two weeks ago.

On 13 June, Daqing crude prices fell by CNY137/tonne or 2.5% from end-May to CNY5,308/tonne, while the May average price of Oman crude dropped by $1.36/bbl or 1.3% to 103.4/bbl.

Income from refined products from Daqing crude and Oman crude slipped by 1.5% and 1.2%, respectively, from two weeks ago because of lower ex-refinery prices of petroleum products.

Gasoline and gasoil ex-refinery prices fell by CNY95/tonne and CNY90/tonne after China cut fuel prices on 7 June. Jet fuel and some other product prices also dropped this month.

($1 = €0.75 / $1 = CNY6.13)

By: Amy Sun
+65 6780 4359

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