Cracking Margins Plummet, Refiners Endure
THE INVESTOR] Surging crude oil prices have sent new energy drinks 2017 South Korean oil refining companies’ possible profitability tumbling, business sources mentioned Aug. 24.
The benchmark Singapore complicated gross refining margin plunged to the US$three per barrel range this month, from US$four.Eighty in July, after hovering at US$9.Ninety in January, in line with the sources.
Singapore is the regional trading hub of the benchmark Dubai crude.
The margin is the difference between the full value of petroleum products coming out of an oil refinery and the cost of crude and related companies, together with transportation.
The GRM stood at US$three.50 per barrel in new energy drinks 2017 the first week of August earlier than dropping to US$three.10 within the second week and inching as much as US$three.40 within the third week.
The reading hovers below the break-even level for the domestic oil refining trade. Normally, a South Korean refiner can generate a revenue with a refining margin above US$4.50.
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