April 24, 2020 / 11:57 AM / a month ago

China's INE adds to Sinopec's Commercial Petroleum Reserve Co storage capacity

SHANGHAI (Reuters) - China’s Shanghai International Energy Exchange said on Friday it had approved an additional 800,000 cubic metres of storage for Sinopec Group’s Commercial Petroleum Reserve Co as delivery tanks for crude oil futures ISCcv1.

The additional capacity includes an extra 400,000 cubic metres at Sinopec’s storage in the southern Guangdong province and 400,000 cubic metres in the northern Hebei province.

The Shanghai International Energy Exchange has been adding to its total warehouse capacity for crude oil futures in recent weeks.

Reuters reported in early April that oil traders seeking to take advantage of a price anomaly by delivering crude into Shanghai crude futures contracts are unable to do so as storage designated by the exchange is full.

Some investors are holding onto their warehouse receipts as INE’s storage costs are relatively low.

Reporting by Emily Chow; Editing by Nick Tattersall

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