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Singapore Residual-Fuel Supplies Rise to Highest Since May 2011

March 22 (Bloomberg) -- Residual-fuel inventories in Singapore, Asia’s biggest oil-trading and storage center, climbed 0.7 percent to the highest in 10 months, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen rose 143,000 barrels in the week ended yesterday to 22.1 million, International Enterprise Singapore said today in an e-mailed statement. That’s the highest since the seven days ended May 18.

Middle-distillate inventories including gasoil, or diesel, and kerosene increased 943,000 barrels, or 9.2 percent, to 11.2 million, the ministry’s data showed. That’s the largest gain in five weeks.

Supplies of light distillates including naphtha, gasoline and reformate fell 22,000 barrels, or 0.2 percent, to 10.1 million, according to the data. Stockpiles dropped for a third week, the longest losing streak since May.

The trade ministry surveys refiners, traders and storage terminals on a voluntary basis. The results may exclude offshore storage capacity, International Enterprise said.

To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net

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

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