China: Guangdong minor refineries report worse refining losses on low product prices

Chemical News: China: Guangdong minor refineries report worse refining losses on low product prices

https://www.chemnet.com Jul 29,2010
Refining margins for minor refineries in South China's Guangdong Province aggravated as prices of high-sulfur residue declined, C1's survey found.
The margin was minus Yuan 92/mt on average in theory Wednesday, versus minus Yuan 68/mt one week ago and minus Yuan 434/mt a year earlier, C1's estimated.
Ex-terminal prices of straight-run fuel oil, feedstock for the refineries, were Yuan 4,790-4,810/mt in South China Wednesday, flat on week. However, in the period, ex-terminal prices of high-sulfur residue inched down Yuan 50/mt to Yuan 3,750-3,800/mt on excessive supply, while substandard gasoil stable at Yuan 5,850-5,950/mt.

The refineries may see better refining margins next week, as gasoil prices might become firm on likely supply tightness following converged maintenances of secondary units of major refineries, market sources expected.

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