Singapore’s stockpiles of residues, or fuel oil, fell from the highest in more than two months, data from the Ministry of Trade and Industry showed.
Onshore inventories of residues, a category that includes fuel oil, low-sulfur waxy residue and excludes bitumen, decreased 11 percent to 20.4 million barrels in the seven days ended Dec. 1 from a week earlier, International Enterprise Singapore said in an e-mailed statement today. Supplies were at 22.9 million on Nov. 24, the highest since Sept. 8.
Stockpiles of middle distillates, including gasoil and kerosene, fell 12 percent to 14.2 million barrels. Light distillates such as naphtha, reformate and gasoline climbed for a third week, gaining 0.5 percent to 10.4 million barrels.
Cargoes of fuel oil and diesel are heading to China amid a diesel shortage in the country. The nation’s demand has increased as independent refiners boost processing of middle distillates from heavy fuel, JBC Energy GmbH, a Vienna-based consultancy, said in a Nov. 27 report. China’s fuel oil imports rose 37 percent to 1.5 million tons in October from a year earlier, government data showed last week.
The trade ministry surveys refiners, oil companies and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, International Enterprise said.