Singapore’s Stockpiles of Residual Fuels Surge Most Since 2009

Residual-fuel inventories in Singapore, Asia’s largest oil-trading and storage center, increased 22 percent the past week, the most in more than four years, according to a unit of the Trade and Industry Ministry.

Onshore supplies including fuel oil and low-sulfur waxy residue and excluding bitumen rose by 3.81 million barrels to 20.7 million in the week to yesterday, International Enterprise Singapore said in an e-mailed statement today. That’s the biggest gain since August 2009. Supplies rebounded from the lowest level in more than six months.

Stockpiles of middle distillate including gasoil, or diesel, and kerosene climbed by 1.32 million barrels, or 15 percent, to 9.85 million, according to the data. Supplies were at a six-week high.

Light-distillate inventories including naphtha, reformate and gasoline declined by 60,000 barrels, or 0.5 percent, to 11 million, the data show. Stockpiles dropped for the first time in three weeks.

The trade ministry unit surveys refiners, oil traders and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, it said.

To contact the reporter on this story: Winnie Zhu in Singapore at wzhu4@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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