24 July 2013 11:21 [Source: ICIS news]
SINGAPORE (ICIS)--Refining margins for major Chinese refiners hit a 16-month high as oil product prices spiked, ICIS data showed on Wednesday.
On 24 July, margins for refining Daqing crude averaged yuan (CNY) 211/tonne (or $4.68/bbl) based on the integrated ex-refinery prices of oil products, compared with CNY1/tonne (or $0.02/bbl) two weeks ago.
Gross margins for refining Oman crude – a representative of foreign crude – averaged CNY428/tonne (or $9.57/bbl), up by CNY201/tonne (or $4.49/bbl) on 10 July.
Income of refined products from Daqing crude and Oman crude rose by 3.7% and 3.5% over the same period, respectively, mainly because of a 4% increase in gasoline and gasoil ex-refinery prices, according to the data from C1 Energy, an ICIS service in China.
Prices of Daqing crude and Oman crude prices were unchanged from two weeks ago at CNY5,266/tonne and $103.39/bbl, respectively, the data showed.
($1 = CNY6.14 / $1 = €0.76)
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