Commercial oil product inventories of major tank farms in China added up to 162,000mt up till Jun 16, sharply down 48,000mt or 23% from two weeks ago, C1's research found.
The volume accounted for only 24% of the total storage capacity of the tank farms.
The inventories were 77,000mt for gasoline and 85,000mt for gasoil, down 23,000mt and 25,000mt, respectively.
Traders were prudent in replenishing stocks amid persistently sluggish market sentiment, market sources denoted. Speculative demand was also weak as international crude prices are fluctuating, the sources said. In addition, private traders and petrol stations in rainstorm-hit areas in southern China mainly consumed stocks or made purchases according to sales in face of softer demand.
C1's research involves major oil terminals in 17 provinces and municipalities with storage capacities aggregating 330,000mt for gasoline and 340,000mt for gasoil.
