Singapore’s Light-Distillate Stockpiles Rise to Five-Month High
Light-distillate inventories rose 8.7 percent to the highest level in five months in Singapore, Asia’s largest oil-trading and storage center, according to a unit of the Trade and Industry Ministry.
Onshore supplies including naphtha, reformate and gasoline climbed by 907,000 barrels to 11.3 million in the week to yesterday, International Enterprise Singapore said in an e-mailed statement today. That’s the highest since the week ended May 1.
Stockpiles of middle distillates including gasoil, or diesel, and kerosene fell by 1.1 million barrels, or 11 percent, to 9.11 million, according to the data. Supplies dropped the most in eight weeks.
Residual-fuel inventories, including fuel oil and low-sulfur waxy residue and excluding bitumen, declined by 128,000 barrels, or 0.6 percent, to 21.8 million, the data show. Supplies slid for the third time in four weeks.
The ministry unit surveys refiners, oil traders and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, it said.
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