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Thu 12 Jan 2012, 07:21 GMT

South China fuel oil stocks down 3.8%


Fuel oil inventories expected to decline again next week ahead of the Lunar New Year holiday.

Fuel oil stocks at oil terminals in South China on Wednesday 11th January fell by 60,000 tonnes, or 3.8 percent, to 1.51- 1.53 million tonnes compared to the previous week, and by 200,000 tonnes year-on-year, latest industry data shows.

According to local firm C1 Energy, 40,000 metric tonnes of fuel oil left the Sinochem-Gree oil terminal during the period and approximately 10,000 tonnes flowed out from BP's Nansha oil terminal.

Two cargoes of fuel oil totalling 5,000 tonnes, sourced from traders within the country, entered the terminals.

The tank storage facilities surveyed include PetroChina Fuel Oil's Zhanjiang oil terminal, Titan's Xiaohudao oil terminal, Zhanjiang Port oil terminal, BP's Nansha oil terminal, Dongguan Jinming oil terminal, Sinochem-Gree oil terminal, Yuehai's Xiaohudao oil terminal, Chimbusco's Zhuhai Guishan oil terminal and Xiji oil terminal.

The total capacity of the tank farms is around 2.75 million cubic metres. The latest inventory figure of 1.51-1.53 million metric tonnes therefore represents a 55 percent capacity.

According to estimates, fuel oil stock levels are expected to decline further in the coming week due to weakening demand from independent refiners and blending traders ahead of the Lunar New Year/Spring Festival holiday from 22-28 January.

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