Caltex Australia Provides Caltex Refiner Margin Update

Caltex Australia (ASX: CTX) advises its realised lagged1 Caltex Refiner Margin (CRM2 ) in respect of CRM sales from production for the month of January and February 2018.


The January unlagged CRM was US$8.77/bbl. This is below the prior month (December 2017: US$11.52/bbl) and below the prior year monthly comparative (US$12.08/bbl). The February unlagged CRM was US$9.95/bbl.

The January unlagged Caltex Singapore Weighted Average Margin was US$10.95/bbl, which is below the prior month (December 2017: US$11.43/bbl) and prior year (January 2017: US$12.82/bbl). The February unlagged Caltex Singapore Weighted Average Margin was US$12.36/bbl, which is above January (US$10.95/bbl) but below the prior year comparative (February 2017: US$13.40/bbl).

Higher Brent crude oil prices drove an unfavourable US($0.16)/bbl pricing lag in January (December 2017: unfavourable US($0.11/bbl) pricing lag) in January. This reversed in February, with lower Brent crude oil prices driving a favourable US$0.15/bbl pricing lag (January 2018: unfavourable US($0.16/bbl) pricing lag).

The January realised CRM was US$8.61/bbl. This is below the December 2017 CRM of US$11.42/bbl and the prior year comparative (January 2017: US$12.43/bbl). The February realised CRM was US$10.10/bbl, above January but below the prior year comparative (February 2017: US$12.71/bbl).

Sales from production in January of 557 ML are above the prior month (December 2017: 512 ML) and prior year comparative (January 2017: 501 ML). Sales from production in February of 475 ML was below January 2018 but above the prior year comparative (February 2017: 425 ML).

For the two months from 1 January 2018 to 28 February 2018, the average realised CRM was US$9.30/bbl (2017: US$12.56/bbl) with CRM sales from production totalling 1,032 ML (2017: 926 ML).


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