Singapore Middle-Distillate Stockpiles Gain Most Since May 2011

Middle-distillate inventories in Singapore, Asia’s biggest oil-trading and storage center, rose 21 percent during the past week, the most in 1 1/2 years, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including gasoil, or diesel, and kerosene rose 2 million barrels to 11.3 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the largest percentage increase since the week ended May 4, 2011.

Light-distillate supplies including naphtha, gasoline and reformate gained 33,000 barrels, or 0.4 percent, to 9.21 million, the ministry’s data showed. That’s the highest in three weeks.

Stockpiles of residual fuels including fuel oil and low- sulfur waxy residue and excluding bitumen rebounded 449,000 barrels, or 2.2 percent, to 20.9 million, 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.

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

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