Source: Midstream Inventory Management & Turnover Strategy Data
File Overview
Filename: 库存管理与周转策略.xlsx (Inventory Management & Turnover Strategy)
Location: 中游储运 (Midstream Storage & Transportation)
Sheets: 7 total (6 data sheets + 1 index sheet)
Sheet 1: China Warehousing Index (中国仓储指数)
- Frequency: Monthly
- Unit: % (diffusion index, 50 = neutral)
- Rows: 127 (data from ~2015 to Jan 2026)
- Columns: 11 sub-indices
Most Recent Data (Jan 2026)
| Indicator |
Jan 2026 |
Dec 2025 |
Nov 2025 |
Oct 2025 |
Sep 2025 |
| Total Index (总指数) |
51.9% |
52.4% |
50.4% |
50.6% |
49.6% |
| Inventory (库存) |
53.3% |
51.9% |
50.0% |
49.4% |
47.9% |
| Business Volume (业务量) |
52.2% |
53.6% |
51.9% |
52.7% |
50.5% |
| Avg Inventory Turnover (平均库存周转次数) |
51.9% |
53.4% |
50.0% |
51.2% |
47.4% |
| Pricing (收费价格) |
-- |
-- |
-- |
-- |
-- |
| Operating Costs (主营业务成本) |
-- |
-- |
-- |
-- |
-- |
| Business Profit (业务利润) |
-- |
-- |
-- |
-- |
-- |
| Employees (企业员工) |
-- |
52.7% |
51.0% |
51.6% |
52.0% |
| New Orders (新订单) |
-- |
51.8% |
50.5% |
50.5% |
51.0% |
| Business Activity Expectation (业务活动预期) |
49.6% |
52.7% |
55.3% |
51.1% |
54.5% |
| Facility Utilization (设施利用率) |
54.3% |
54.0% |
52.4% |
51.6% |
51.0% |
Trend Analysis
- Total index has been oscillating around 50% (expansion/contraction threshold) throughout 2025.
- Inventory sub-index rose sharply to 53.3% in Jan 2026, highest in several months, indicating inventory buildup.
- Facility utilization has been on a rising trend (51.0% in Sep --> 54.3% in Jan), indicating tighter storage capacity.
- Business activity expectations dropped to 49.6% in Jan 2026 (contraction territory), a notable divergence from actual operations.
Sheet 2: Major City Warehouse Operations (主要城市仓库运行情况)
- Frequency: Monthly
- Unit: Rent = CNY/sqm/month; Vacancy = %
- Rows: 96 (data to Dec 2025)
- Columns: 252 (32 cities x rent + vacancy + additional indicators)
Warehouse Average Rent by City (Dec 2025, CNY/sqm/month)
| City |
Rent (CNY/sqm/month) |
Vacancy Rate (%) |
| Beijing (北京) |
45.05 |
32.80% |
| Shanghai (上海) |
45.97 |
21.90% |
| Shenzhen (深圳) |
38.08 |
22.69% |
| Suzhou (苏州) |
36.23 |
24.09% |
| Hangzhou (杭州) |
30.55 |
15.34% |
| Ningbo (宁波) |
27.82 |
7.70% |
| Guangzhou (广州) |
32.74 |
10.83% |
| Dongguan (东莞) |
35.06 |
8.97% |
| Nanjing (南京) |
27.96 |
14.59% |
| Foshan (佛山) |
31.01 |
15.04% |
| Jiaxing (嘉兴) |
30.03 |
27.67% |
| Changsha (长沙) |
24.18 |
8.89% |
| Tianjin (天津) |
15.00 |
26.88% |
| Wuxi (无锡) |
30.58 |
18.03% |
| Dalian (大连) |
14.10 |
31.05% |
| Changchun (长春) |
12.82 |
23.23% |
| Chongqing (重庆) |
21.45 |
10.60% |
| Wuhan (武汉) |
21.04 |
11.08% |
| Zhengzhou (郑州) |
19.70 |
12.50% |
| Shenyang (沈阳) |
17.56 |
13.78% |
| Hefei (合肥) |
24.25 |
8.86% |
| Kunming (昆明) |
22.24 |
8.45% |
| Harbin (哈尔滨) |
17.68 |
19.83% |
| Chengdu (成都) |
22.23 |
9.53% |
| Qingdao (青岛) |
19.88 |
10.47% |
| Xi'an (西安) |
19.00 |
3.44% |
| Guiyang (贵阳) |
18.12 |
11.47% |
| Taiyuan (太原) |
15.51 |
21.07% |
| Jinan (济南) |
19.53 |
29.29% |
| Nanchang (南昌) |
17.48 |
7.68% |
| Shijiazhuang (石家庄) |
15.06 |
25.04% |
| Lanzhou (兰州) |
17.52 |
5.82% |
| Tangshan (唐山) |
15.84 |
-- |
| Fuzhou (福州) |
24.76 |
-- |
| Xiamen (厦门) |
30.20 |
-- |
| Haikou (海口) |
23.74 |
-- |
Key Anomalies
- Beijing vacancy 32.8% is the highest among all cities -- significant overcapacity.
- Dalian vacancy 31.05% and Jinan 29.29% also very high, indicating weak demand in northern markets.
- Xi'an vacancy only 3.44% -- extremely tight market, potential storage bottleneck.
- Lanzhou vacancy 5.82% and Nanchang 7.68% also very tight.
- Rents are broadly stable month-over-month (less than 1% change), indicating a flat pricing environment.
Sheet 3: EIA Weekly Petroleum Inventory (EIA库存周报)
- Frequency: Weekly
- Unit: Thousand barrels (千桶)
- Source: U.S. Energy Information Administration (EIA)
- Rows: 3,260 (data from 1982 to Feb 27, 2026)
- Last Updated: 2026-03-05
- Columns: 47 (comprehensive U.S. petroleum inventory breakdown)
Latest Data (Week ending Feb 27, 2026)
| Category |
Volume (thousand barrels) |
WoW Change (千桶) |
WoW % |
YoY % |
| Crude + Products (incl. SPR) |
1,684,328 |
-- |
-- |
-- |
| Crude + Products (excl. SPR) |
1,268,887 |
-- |
-- |
-- |
| Crude Oil (excl. SPR) |
439,279 |
+3,475 |
+0.80% |
+1.27% |
| Crude Oil - Cushing |
26,463 |
-- |
-- |
-- |
| Strategic Petroleum Reserve (SPR) |
415,441 |
0 |
-- |
-- |
| Gasoline |
253,130 |
-1,704 |
-0.67% |
+2.55% |
| Finished Gasoline |
14,656 |
-- |
-- |
-- |
| Blending Gasoline |
238,474 |
-- |
-- |
-- |
| Jet Fuel (航空煤油) |
42,090 |
-248 |
-0.59% |
-6.94% |
| Distillate Fuel Oil |
120,780 |
+429 |
+0.36% |
+1.36% |
| Residual Fuel Oil (含渣燃料油) |
24,725 |
+1,684 |
+7.31% |
-0.09% |
| Other Products |
207,363 |
-- |
-- |
-- |
| Commercial Crude (商业原油) |
439,279 |
-- |
-- |
-- |
Recent Trend (3-Week)
| Date |
Total (incl. SPR) |
Crude (excl. SPR) |
Cushing |
Gasoline |
Distillate |
| 2026-02-27 |
1,684,328 |
439,279 |
26,463 |
253,130 |
120,780 |
| 2026-02-20 |
1,681,393 |
435,804 |
24,899 |
254,834 |
120,351 |
| 2026-02-13 |
1,670,214 |
419,815 |
24,018 |
255,845 |
120,099 |
Key Observations
- Crude inventories rising: +19,464 thousand barrels over 2 weeks (+4.6%), a significant build.
- Cushing inventories rising: 24,018 --> 26,463 (+10.2% in 2 weeks), bullish for contango.
- SPR unchanged at 415,441 thousand barrels -- no active drawdown or refill in this period.
- Gasoline drawing down seasonally (-2,715 over 2 weeks), typical pre-spring pattern.
- Jet fuel YoY down 6.94% -- notable weakness.
- Residual fuel oil weekly jump of +7.31% is an anomaly to watch.
Sheet 4: Singapore & UAE Oil Inventories (新加坡与阿联酋石油库存)
- Frequency: Monthly
- Unit: Million barrels (百万桶)
- Source: OPEC
- Last Updated: 2026-02-12
Latest Data
| Location / Product |
Jan 2026 |
Dec 2025 |
Nov 2025 |
| Singapore - Total |
-- |
50.5 |
47.1 |
| Singapore - Light Distillates |
-- |
15.6 |
13.3 |
| Singapore - Diesel |
-- |
8.2 |
8.6 |
| Singapore - Residual Fuel |
-- |
26.8 |
25.2 |
| Fujairah (UAE) - Total |
21.49 |
18.97 |
23.04 |
| Fujairah - Light Distillates |
8.07 |
7.67 |
7.33 |
| Fujairah - Diesel |
2.89 |
2.40 |
3.21 |
| Fujairah - Heavy Distillates |
10.53 |
8.90 |
12.50 |
| ARA (Amsterdam-Rotterdam-Antwerp) - Total |
-- |
44.7 |
44.6 |
| ARA - Gasoline |
-- |
10.0 |
9.4 |
| ARA - Gasoil |
-- |
14.7 |
14.9 |
| ARA - Residual Fuel |
-- |
7.0 |
6.6 |
| ARA - Jet Fuel |
-- |
8.0 |
8.3 |
Key Observations
- Fujairah total inventory surged from 18.97 to 21.49 million barrels (+13.3% MoM in Jan 2026), mostly in heavy distillates (+1.63 million barrels).
- Singapore total rose sharply from 47.1 to 50.5 million barrels (+7.2%) in Dec 2025.
- ARA inventories stable at ~44.7 million barrels.
- Fujairah heavy distillate inventories highly volatile (12.50 --> 8.90 --> 10.53), suggesting active trading/arbitrage flows.
Sheet 5: Shanghai INE Crude Oil Futures Inventory (上期所-原油期货库存)
- Frequency: Weekly
- Unit: Barrels (桶)
- Source: Shanghai International Energy Exchange (上海期货交易所)
- Last Updated: 2026-02-27
- Columns: 72 (breakdown by crude grade and delivery warehouse location)
Latest Data
| Date |
Total Inventory (barrels) |
Breakdown by Grade |
| 2026-03-06 |
2,557,000 |
Oman: 158,000; Basra Light (I): 1,027,000; Upper Zakum: 992,000; Dubai: 0; Qatar Marine: 0 |
| 2026-02-27 |
2,557,000 |
Same as above |
| 2026-02-20 |
3,464,000 |
Oman: 158,000; Basra Light (I): 1,027,000; Upper Zakum: 1,899,000 |
| 2026-02-13 |
3,464,000 |
Same as Feb 20 |
| 2026-02-06 |
3,464,000 |
Same as Feb 20 |
Key Observations
- Massive drawdown of 907,000 barrels (26.2%) between Feb 20 and Feb 27, from 3,464,000 to 2,557,000 barrels.
- The drawdown was entirely in Upper Zakum crude (1,899,000 --> 992,000 barrels).
- Zero inventory of Dubai crude and Qatar Marine crude -- no deliverable stocks.
- Shandong region holds 1,027,000 barrels (Basra Light I), all inventory is concentrated in Shandong.
- Shanghai delivery warehouse inventory appears to be at or near zero.
Sheet 6: Global Oil Tanker Shipments (全球邮轮运量)
- Frequency: Monthly
- Unit: Million barrels/day (百万桶/天)
- Source: OPEC
- Last Updated: 2025-01-16
Latest Data (Dec 2024)
| Flow |
Volume (million bbl/day) |
| Spot Departures - All Regions |
12.6 |
| Spot Departures - Middle East/East |
6.3 |
| Spot Departures - Middle East/West |
0.9 |
| Spot Departures - Non-Middle East |
2.3 |
| In Transit - Middle East |
16.4 |
| Arrivals - North America |
9.6 |
| Arrivals - Europe |
11.8 |
| Arrivals - Far East |
14.5 |
| Arrivals - West Asia |
9.5 |
Trend (Oct-Dec 2024)
| Flow |
Oct 2024 |
Nov 2024 |
Dec 2024 |
| Spot Departures - All |
15.2 |
13.9 |
12.6 |
| OPEC Departures |
11.5 |
-- |
-- |
| In Transit OPEC |
22.1 |
-- |
-- |
| Arrivals - Far East |
13.4 |
14.5 |
14.5 |
Key Observations
- Total spot departures declining from 15.2 to 12.6 million bbl/day (-17.1%) over Oct-Dec 2024.
- Far East arrivals stable at 14.5 million bbl/day despite declining departures -- pipeline effect.
- Middle East eastbound flows (6.3 million bbl/day) dominate spot trade.