Crude Stocks Hit Record High at China’s Shandong Ports amid Turnarounds

Crude oil inventories at major ports in China’s eastern Shandong province rose to a record high amid more refineries shutting for scheduled maintenance, refinery and port sources told S&P Global Platts on April 29.

Combined inventories stood at a record 6.17 million mt on April 29, up 1.3% from 6.09 million mt on April 22, also a record at the time.

Stocks as on April 29 are also 28.5% higher year on year.

The ports that are part of the count include Dongjiakou, Qingdao, Rizhao, Yantai, Dongying, Laizhou and Longkou, according to data from JLC, a local energy information provider.

The increase in stocks came mainly from Rizhao and Laizhou ports, where the surge reflected a recent turnaround at China Overseas Energy, as well as ChemChina’s Zhenghe Petrochemical.

“The delivery from ports to refinery facilities has been slow due mainly to the maintenance,” said a source with Rizhao port.

In April, shut downs for maintenance will impact refining capacities by around 21.2 million mt/year. This comprises seven Shandong independent refineries, including Lijin Petrochemical, which was scheduled to be shut down on April 29…

View entirety: S&P Global Platts