Singapore Light-Distillate Stockpiles Increase for a Third Week

Light-distillate stockpiles in Singapore, Asia’s biggest oil-trading, refining and storage center, rose to the highest level since February, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles of naphtha, gasoline and reformate gained 1.45 million barrels, or 15 percent, to 11.46 million barrels in the seven days ended June 13, International Enterprise Singapore said in an e-mailed statement today. That was the third weekly increase and the highest level since the week ended Feb. 29.

Supplies of gasoil and kerosene increased for a second week, climbing 364,000 barrels, or 4.1 percent to 9.33 million barrels, according to the data.

Residual-fuel inventories, including fuel oil and low- sulfur waxy residue and excluding bitumen, fell for a second week, dropping 148,000 barrels, or 0.7 percent, to 19.6 million barrels.

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

To contact the reporter on this story: Winnie Zhu in Singapore at wzhu4@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net