Singapore’s Light-Distillate Stockpile Surge Most Since February

Stockpiles of light distillates in Singapore, Asia’s largest oil-trading and storage center, rose 16 percent in the past week, the most in more than 10 months, a unit of the Trade and Industry Ministry said today.

Onshore inventories including naphtha, reformate and gasoline rose by 1.53 million to 11.05 million in the seven days to yesterday, International Enterprise Singapore said in an e-mailed statement today. That’s the first increase in six weeks and the biggest since Feb. 8.

Stockpiles of middle distillates including gasoil, or diesel, and kerosene gained by 1.73 million, or 26 percent, to 8.48 million barrels, according to the data. Supplies climbed to the highest level in five weeks.

Residual-fuel inventories including fuel oil and low-sulfur waxy residue and excluding bitumen fell by 580,000 barrels, or 2.6 percent, to 21.7 million, the data show. Supplies dropped for the first 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, IE Singapore said.

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