Asia margins at 3-year low.Byline: LONDON: Monthly profit levels on complex refineries in Asia fell to the lowest level in at least three years in October due to strength of medium-heavy crude oil and increased supplies of light products, Reuters data showed. Complex oil refiners in the Singapore area posted an average profit of $1.20 last month by processing one barrel of Dubai crude, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Reuters model, which keeps track to September 2006. Singapore simple refiners made an average loss of 94 cents a barrel, the biggest loss since November 20008. The discounts on medium-heavy, sour crude Sour Crude The name given to barrels of crude oil that do not meet certain content requirements, such as low levels of sulfur and hydrogen. Notes: Sour crude future contracts are not as popular as sweet crude oil contracts, as this type of oil is harder to refine compared , such as Dubai and Russian Urals, to light, sweet crude have fallen this year due to a rise in demand from new complex refineries. Most of the new capacities have been added in Asia, such as India and China. Light product exports from both countries have increased significantly this year, pressuring refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar margins globally. Reuters model is a rough indicator of refining margins and actual refineries defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. depending on the configuration of individual refiners, crude oil slate and freight costs. In the Mediterranean, complex margins on Urals fell about $1 to an average $1.19 a barrel in October from the previous month. Simple refining margins averaged 47 cents. Copyright 2008 www.tradearabia.com Copyright 2009 Al Hilal Publishing & Marketing Group Provided by Syndigate.info an Albawaba.com company |
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