These refineries' gasoil inventories dropped about 5,700mt or 8.06% to roughly 65,000mt, and their gasoline stockpiles went down 1,000mt or 0.96% to around 104,500mt.
Local independent refineries still found robust gasoil sales in the period, as supply from state-owned oil majors was short in Shandong, North and Central China etc. Gasoil and gasoline sales were also spurred by the expectation of markups in oil product retail ceilings because of strong international crude.
But the decline in refineries' stockpiles softened as most traders had finished building up their inventories.
Local independent refineries ran at 47.6% of CDU capacity on Oct 14, down 2 percentage points from Sep 30, a survey showed.
The refineries involved in C1's survey on oil product inventories in Shandong include Dongying Petrochemical, Weifang Hongrun Petrochemical, Qingdao refinery, Jinan refinery etc. The refining capacity of these refineries adds up to 34.20-mil mt/yr, taking up 53.23% of Shandong independent refineries' refining capacity.
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