Singapore Light-Distillate Stockpiles Decline to Three-Month Low

Light-distillate inventories in Singapore, Asia’s largest oil-trading center, fell 5.5 percent to the lowest level in more than three months, according to a unit of the Trade and Industry Ministry.

Onshore stockpiles including naphtha, reformate and gasoline slid by 556,000 barrels to 9.52 million in the seven days to yesterday, International Enterprise Singapore said in an e-mailed statement today. Supplies were down for a fifth week, the longest losing streak since May 2011, to the lowest since the week ended Aug. 14.

Residual-fuel inventories including fuel oil and low-sulfur waxy residue and excluding bitumen rose by 1.44 million barrels, or 6.9 percent, to 22.2 million, the data show. That’s the highest since the week ended Sept. 18.

Stockpiles of middle distillates including gasoil, or diesel, and kerosene dropped by 1.24 million barrels, or 15 percent, to 6.75 million, according to the data. Supplies declined for the third time in four 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: Pratish Narayanan at pnarayanan9@bloomberg.net

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