Singapore Middle Distillates Stockpiles Fall to Five-Year Low
Onshore stockpiles of middle distillates fell to the lowest level in more than five years in Singapore, Asia’s largest oil-trading and storage center, according to a unit of the Trade and Industry Ministry.
Inventories of gasoil and kerosene dropped by 847,000 barrels, or 12 percent, to 6.3 million in the seven days through yesterday, International Enterprise Singapore said in an e-mailed statement today. The supplies fell for a third week to the lowest level since January 2008.
Light distillates stockpiles, including naphtha, reformate and gasoline, rose 1.2 million barrels, or 15 percent, to 9.3 million, according to the data. That’s the biggest gain since February 2012.
Residual-fuel inventories, including fuel oil and low-sulfur waxy residue and excluding bitumen, rose by 718,000 barrels, or 3.5 percent, to 21 million, the data show. The supplies gained for a second week to the most June 26.
The trade ministry unit surveys refiners, oil traders and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, IE Singapore said.
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