C1 Energy (Shanghai) – Mar 10, 2010----Major ports in Shandong's coastal areas record about 960,000mt of fuel oil stocks in total Wednesday, slightly up 5,000mt from one week ago, shows C1's survey. The stocks occupy 27.1% storage capacity of commercial tank farms at these ports.
The higher fuel oil stockpiles came as feedstock demand from local independent refineries fell on seasonal maintenance.
The inventories increased by 45,000mt in Longkou Port over past one week, while marked a total drop of 40,000mt in Qingdao, Laizhou and Rizhao ports.
A port source pointed out Longkou Port received considerable fuel oil cargoes this week, but some of resources have not been unloaded yet.
Laizhou Port, however, recorded neither inflows nor outflows of fuel oil in the week.
The commercial fuel oil stocks in Shandong coast are expected to rise in the coming week, after one 175,000-mt Venezuelan fuel oil is injected into tanks at Qingdao Port. The cargo has arrived at the port this week, C1's shipping fixtures indicate.
