Singapore Middle-Distillate Supplies Drop Most Since August 2010
Middle-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell 18 percent, the most since August 2010, according to a unit of the Ministry of Trade and Industry.
Onshore stockpiles including gasoil, or diesel, and kerosene dropped 1.99 million barrels to 8.83 million in the seven days to yesterday, International Enterprise Singapore said in an e-mailed statement. That’s the biggest percentage decline since the period ended Aug. 18, 2010.
Residual-fuel supplies including fuel oil and low-sulfur waxy residue and excluding bitumen rose 2.84 million barrels, or 17 percent, to 19.2 million, the ministry’s data showed. That’s the largest increase in three months.
Supplies of light distillates including naphtha, gasoline and reformate were down 340,000 barrels, or 3.2 percent, at 10.4 million, a four-week low, according to the data.
The trade ministry surveys refiners, traders and storage terminals on a voluntary basis. The results may exclude offshore storage capacity, International Enterprise said.
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