Independent refineries in Shandong Province held about 258,000mt of oil product inventories in total on Jun 16, down 11,000mt or 4% from two weeks ago, C1's research showed.
Of the stockpiles, about 177,000mt was gasoline, sharply up 46,000mt or 35%; gasoil plunged 57,000mt or 41.3% to 81,000mt.
Gasoline inventories climbed amid abundant domestic supply and suspended outsourcing of Sinopec and PetroChina, market sources said.
However, gasoil stocks went down on brisk sales boosted by robust demand from agriculture sector during wheat harvest season, according to the sources.
Maintenance of two independent refineries also contributed to the fall, the sources noted.
C1's research involves 20 independent refineries with annual topping capacities totaling 44.1-mil mt, which accounts for 77.23% of the total refining capacity of independent refineries in Shandong. These refineries have a combined 661,000-mt storage capacity for gasoline and 881,000-mt for gasoil.
