Singapore Light-Distillate Stockpiles Fall the Most Since 2004

Light-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell 21 percent last week, the most since April 2004, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including naphtha, gasoline and reformate dropped 2.38 million barrels to 8.99 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the biggest percentage decline since the week ended April 28, 2004.

Middle-distillate inventories including gasoil, or diesel, and kerosene rose 173,000 barrels, or 1.6 percent, to 11 million, the ministry’s data showed. Supplies increased a third week to the highest level since March 21.

Stockpiles of residual fuels including fuel oil and low- sulfur waxy residue and excluding bitumen climbed 2.68 million barrels, or 14 percent, to 22 million, according to the data. That’s the largest gain since July 4.

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