China’s major refinery margins stable over last two weeks

04 September 2013 11:42  [Source: ICIS news]

SINGAPORE (ICIS)--Major Chinese refiners have kept their refining margins stable over the last two weeks amid an increase in feedstock costs and the prices of oil products, ICIS data showed on Wednesday.

Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at yuan (CNY) 128/tonne (€21/tonne), or $2.84/bbl, on 4 September, compared with CNY114/tonne, or $2.53/bbl, on 21 August.

Meanwhile, gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY257/tonne, or $5.75/bbl, a drop of CNY21/tonne, or $0.47/bbl, from two weeks earlier.

The September settlement price of Daqing crude went up by CNY152/tonne, or 2.8%, from August to CNY5,549/tonne in September while the August average CFR price of Oman crude increased by $4.39/bbl, or 4.1%, to $110.98/tonne, according to data from C1 Energy, an ICIS service in China.

The income of refined products from Daqing crude and Oman crude rose by 3.0-3.5% from 22 August to 4 September, boosted by the rise in gasoline and gasoil ex-refinery prices at CNY235/tonne and a CNY225/tonne, respectively.

Meanwhile, LPG wholesale prices went up by 6.8% over the past two weeks in south China, where refiners mainly process Oman crude.

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

($1 = CNY6.12)
By: Amy Sun
+65 6780 4359

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