June 7 – PetroChina (601857, 0857.HK) and China Petroleum and Chemical Corporation (Sinopec) (600028, 0386.HK) are expected to see sharp drops in the losses from their oil refining operations in June, reports nbd.com.cn, citing an unnamed analyst. Based on the ex-factory prices, the profits of the two companies from the refining of Daqing oil and Oman oil will rebound by 235 yuan per ton and 509 yuan per ton, respectively. The average price of Brent, Dubai and Cinta crude oil was $113.93 on June 1, with the 22-day average price hitting $112.08, according to Zhang Xi, an analyst at 315.com.cn. PetroChina and Sinopec incurred losses of 6.13 billion yuan and 576 million yuan from their refining operations during the first quarter as international oil prices remained at above $100 per barrel. According to an insider from a Shandong oil refinery, the settlement price of oil from the Shenli oil field hit 5,836 yuan per ton in June, down three percent, or 198 yuan, from May.

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