Oil: Regional refining
margins |
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US dollars
per barrel |
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|
USGC West Texas Sour Coking |
NWE Brent Cracking |
Singapore Dubai Hydrocracking |
|
|
|
|
1Q92 |
2.84 |
2.35 |
3.33 |
|
2Q92 |
3.35 |
2.17 |
3.39 |
|
3Q92 |
2.4 |
2.28 |
3.43 |
|
4Q92 |
2.05 |
2.59 |
3.88 |
|
1Q93 |
1.96 |
2.21 |
4.3 |
|
2Q93 |
3.31 |
2.56 |
4.63 |
|
3Q93 |
2.89 |
2.53 |
3.8 |
|
4Q93 |
1.88 |
3.06 |
4.5 |
|
1Q94 |
2.89 |
2.48 |
3.76 |
|
2Q94 |
1.88 |
1.94 |
2.7 |
|
3Q94 |
1.87 |
2.02 |
2 |
|
4Q94 |
0.73 |
1.42 |
3.09 |
|
1Q95 |
0.62 |
1.07 |
2.22 |
|
2Q95 |
2.78 |
1.67 |
2.12 |
|
3Q95 |
1.79 |
1.96 |
1.99 |
|
4Q95 |
1.14 |
2.04 |
3.58 |
|
1Q96 |
1.33 |
2.04 |
5.39 |
|
2Q96 |
2.18 |
1.94 |
3.68 |
|
3Q96 |
1.41 |
1.91 |
2.54 |
|
4Q96 |
2.12 |
2.54 |
3.8 |
|
1Q97 |
3.05 |
1.88 |
3.73 |
|
2Q97 |
3.14 |
2.2 |
2.99 |
|
3Q97 |
3.64 |
2.32 |
1.46 |
|
4Q97 |
1.67 |
2 |
1.43 |
|
1Q98 |
2.57 |
2.34 |
1.5 |
|
2Q98 |
3.71 |
2.21 |
1.62 |
|
3Q98 |
1.79 |
1.95 |
0.27 |
|
4Q98 |
1.51 |
1.93 |
1.05 |
|
1Q99 |
0.96 |
1.21 |
0.79 |
|
2Q99 |
1.48 |
0.81 |
0.17 |
|
3Q99 |
1.9 |
1.43 |
0.59 |
|
4Q99 |
0.76 |
1.34 |
0.46 |
|
1Q00 |
2.7 |
2.07 |
2.42 |
|
2Q00 |
5.22 |
4.26 |
0.63 |
|
3Q00 |
3.87 |
3.44 |
3.19 |
|
4Q00 |
3.78 |
3.63 |
2.19 |
|
1Q01 |
6.69 |
2.35 |
0.7 |
|
2Q01 |
7.71 |
3.35 |
0.96 |
|
3Q01 |
3.24 |
1.74 |
0.75 |
|
4Q01 |
1.79 |
1.53 |
1.2 |
|
1Q02 |
2.04 |
0.09 |
0.2 |
|
2Q02 |
2.62 |
0.59 |
0.18 |
|
3Q02 |
1.82 |
1.28 |
0.47 |
|
4Q02 |
2.98 |
2.19 |
1.41 |
|
1Q03 |
6.14 |
3.7 |
2.98 |
|
2Q03 |
3.59 |
2.14 |
0.66 |
|
3Q03 |
5.61 |
2.47 |
1.27 |
|
4Q03 |
3.52 |
2.21 |
2.2 |
|
1Q04 |
6.92 |
2.73 |
3.42 |
|
2Q04 |
9.18 |
5.29 |
2.8 |
|
3Q04 |
6.99 |
4.37 |
5.48 |
|
4Q04 |
5.52 |
4.72 |
8.02 |
|
1Q05 |
7.3 |
2.84 |
4.98 |
|
2Q05 |
9.37 |
5.68 |
6.3 |
|
3Q05 |
17.12 |
7.78 |
6.52 |
|
4Q05 |
11.64 |
5.51 |
4.42 |
|
1Q06 |
10.86 |
2.88 |
3.54 |
|
2Q06 |
17.74 |
5.78 |
6.83 |
|
3Q06 |
11.47 |
4.54 |
3.58 |
|
4Q06 |
7.92 |
2.49 |
2.95 |
|
1Q07 |
10.14 |
4.16 |
4.84 |
|
2Q07 |
24.46 |
7.12 |
6.01 |
|
3Q07 |
12.58 |
3.82 |
4.52 |
|
4Q07 |
6.82 |
4.84 |
5.8 |
|
1Q08 |
6.21 |
4.79 |
4.76 |
|
2Q08 |
8.59 |
7.46 |
9.41 |
|
3Q08 |
9.87 |
7.13 |
5.9 |
|
4Q08 |
2.49 |
7.48 |
5.16 |
|
|
|
Note: The refining margins
presented are benchmark margins for three major global refining centres. |
US
Gulf Coast (USGC), North West Europe (NWE - Rotterdam) and Singapore. |
|
In
each case they are based on a single crude oil appropriate for that region
and have optimized product yields based |
on
a generic refinery configuration (cracking, hydrocracking or coking), again
appropriate for that region. |
|
The
margins are on a semi-variable basis, ie the margin after all variable costs
and fixed energy costs. |
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