C1 Energy (Guangzhou) – Mar 10, 2010----Fuel oil stocks in South China's major commercial tank farms add up to 1.39-mil mt on Mar 10, down 20,000mt, or 1.42% from one week ago, C1's survey found. The volume accounts for 53% of storage capacity.
These tank farms received only 5,000mt of homemade fuel oil over past one week, when no imported cargoes reached South China. In the meantime, around 25,000mt of fuel oil was channeled out from these tank farms, plunging 58% from one week earlier. Of that, 2,000mt was re-exported under bonded trade, and the balance of 23,000mt was taken in by Guangdong spot market.
It was said that the bonded fuel oil was mostly lifted out from Sinochem-Gree Zhuhai terminal.
Fuel oil inventories in South China would likely rebound in the coming week, when one 40,000-mt imported cargo is received by Titan's Xiaohudao Tank Farm, and bonded bunker fuel oil demand falls in Hong Kong, said a port source.
The tank farms involved in C1's survey on commercial fuel oil inventory in Huangpu market include PetroChina Zhanjiang oil tank farm, Titan's Xiaohudao tank farm, Zhanjiang Port tank farm, BP's Nansha oil tank farm, Dongguan Jinming tank farm, Sinochem-Gree Zhuhai terminal, Yuehai's Xiaohudao oil tank farm, Chimbusco's Zhuhai Guishan tank farm and Xiji oil tank farm. The aggregate storage capacity of these tank farms adds up to 2.627-mil cu m.
