Singapore Middle-Distillate Stockpiles Surge Most Since November
Middle-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, increased 15 percent the past week, the most since November, according to a unit of the Ministry of Trade and Industry.
Onshore stockpiles including gasoil, or diesel, and kerosene rose 1.43 million barrels to 10.8 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the biggest percentage gain since the week ended Nov. 16. Supplies climbed to the highest since April 11.
Light-distillate inventories including naphtha, gasoline and reformate rebounded 1.23 million barrels, or 12 percent, to 11.4 million, the ministry’s data showed. That’s the highest level since July 4.
Stockpiles of residual fuels including fuel oil and low- sulfur waxy residue and excluding bitumen fell 284,000 barrels, or 1.4 percent, to 19.3 million, according to the data. That’s the third drop in four weeks.
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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