Refining margins for independent refineries in Shandong Province refining straight-run fuel oil hit the highest level since 2009 as sales revenues continued rising.
Based on Wednesday's prices of spot M100 fuel oil in Shandong market, local refineries' refining margins averaged Yuan 397/mt on paper, up Yuan 40/mt from one week ago, versus minus Yuan 654/mt a year earlier.
Comprehensive sales revenues of the refineries rose by Yuan 75/mt to Yuan 6,274/mt in the past week; meanwhile, cost of feedstock straight-run fuel oil edged up Yuan 35/mt to Yuan 5,275/mt in the spot market on persistently tight supply, a data showed.
In the period, in Shandong market, wholesale prices of gasoline and hydrogenated naphtha both increased Yuan 100/mt, gasoil inched up Yuan 50/mt, LPG up Yuan 65/mt, petcoke up Yuan 70/mt and slurry up Yuan 100/mt.
If calculated by Wednesday's CFR price of M100 fuel oil, which was about US$545/mt, Shandong independent refineries would reap Yuan 322/mt of refining margin.
C1 calculated oil refining margins of independent refineries mainly on the basis of C1's intraday price assessments of spot feedstock and products of these refineries, as well as average output ratio of the products. C1 also took into consideration the average processing cost of the domestic oil refining industry, transportation cost, consumption tax, value-added tax and losses, etc., while excluding the other costs like financial cost and sales tax, etc.
Based on Wednesday's prices of spot M100 fuel oil in Shandong market, local refineries' refining margins averaged Yuan 397/mt on paper, up Yuan 40/mt from one week ago, versus minus Yuan 654/mt a year earlier.
Comprehensive sales revenues of the refineries rose by Yuan 75/mt to Yuan 6,274/mt in the past week; meanwhile, cost of feedstock straight-run fuel oil edged up Yuan 35/mt to Yuan 5,275/mt in the spot market on persistently tight supply, a data showed.
In the period, in Shandong market, wholesale prices of gasoline and hydrogenated naphtha both increased Yuan 100/mt, gasoil inched up Yuan 50/mt, LPG up Yuan 65/mt, petcoke up Yuan 70/mt and slurry up Yuan 100/mt.
If calculated by Wednesday's CFR price of M100 fuel oil, which was about US$545/mt, Shandong independent refineries would reap Yuan 322/mt of refining margin.
C1 calculated oil refining margins of independent refineries mainly on the basis of C1's intraday price assessments of spot feedstock and products of these refineries, as well as average output ratio of the products. C1 also took into consideration the average processing cost of the domestic oil refining industry, transportation cost, consumption tax, value-added tax and losses, etc., while excluding the other costs like financial cost and sales tax, etc.
