As
of the week ending April 24, the comprehensive oil refining margins at Shandong
independent refineries averaged RMB -166.7/mt, up RMB 76.8/mt from that of the
week ending April 18, SCI’s data showed. During the week ending April 24, the
international crude oil prices first fell to low levels and then fluctuated
within a narrow range, and the average feedstock cost at Shandong independent
refineries dipped by RMB 154/mt. Meanwhile, the prices of most oil refining
products also recorded fluctuations. For gasoline and diesel, Shandong
independent refineries first curtailed their offers following the downward
crude oil prices, but at the end of the week, backed by the recovery in crude
oil prices, gasoline and diesel prices were raised somewhat. The gasoline and
diesel average prices dipped by RMB 57/mt and RMB 100/mt respectively. The
overall product sales value edged down by RMB 66/mt, which was smaller than the
drop in feedstock costs. Therefore, the comprehensive oil refining margins at
Shandong independent refineries hiked W-O-W.
In the
coming week, the international crude oil prices are predicted to fluctuate
frequently, and the average feedstock cost at Shandong independent refineries
is expected to go down. Meanwhile, with the May Day holiday ahead,
participants’ pre-holiday replenishment is predicted to underpin the gasoline
and diesel prices to head up. Therefore, SCI reckons that the comprehensive oil
refining margins at Shandong independent refineries will recover further in the
coming week.