Breaking News

Tweet TWEET

Singapore’s Fuel-Oil Stockpiles Fall From Highest in Two Months

Singapore’s stockpiles of residues, or fuel oil, fell from the highest in more than two months, data from the Ministry of Trade and Industry showed.

Onshore inventories of residues, a category that includes fuel oil, low-sulfur waxy residue and excludes bitumen, decreased 11 percent to 20.4 million barrels in the seven days ended Dec. 1 from a week earlier, International Enterprise Singapore said in an e-mailed statement today. Supplies were at 22.9 million on Nov. 24, the highest since Sept. 8.

Stockpiles of middle distillates, including gasoil and kerosene, fell 12 percent to 14.2 million barrels. Light distillates such as naphtha, reformate and gasoline climbed for a third week, gaining 0.5 percent to 10.4 million barrels.

Cargoes of fuel oil and diesel are heading to China amid a diesel shortage in the country. The nation’s demand has increased as independent refiners boost processing of middle distillates from heavy fuel, JBC Energy GmbH, a Vienna-based consultancy, said in a Nov. 27 report. China’s fuel oil imports rose 37 percent to 1.5 million tons in October from a year earlier, government data showed last week.

The trade ministry surveys refiners, oil companies and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, International Enterprise said.

To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net

To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.