Singapore Light-Distillate Inventories Decline to Eight-Week Low

Light-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell to the lowest level in eight weeks, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including naphtha, gasoline and reformate declined 312,000 barrels, or 3.2 percent, to 9.34 million in the seven days to yesterday, International Enterprise Singapore said in an e-mailed statement. That’s the lowest since the week ended May 30.

Middle-distillate inventories including gasoil, or diesel, and kerosene decreased 892,000 barrels, or 9.5 percent, to 8.46 million, the ministry’s data showed. Supplies shrank by the biggest percentage in eight weeks.

Stockpiles of residual fuels, including fuel oil and low- sulfur waxy residue and excluding bitumen, rose 234,000 barrels, or 1.3 percent, to 17.6 million, according to the data. That’s the first gain in three weeks.

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: Yee Kai Pin in Singapore at kyee13@bloomberg.net

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