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Singapore Residual-Fuel Supplies Post Biggest Decline This Year

Residual-fuel inventories in Singapore, Asia’s biggest oil-trading and storage center, fell 6.4 percent, the biggest weekly decline this year, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen dropped 1.41 million barrels in the seven days to yesterday to 20.7 million, International Enterprise Singapore said in an e-mailed statement. Supplies were the lowest in eight weeks.

Middle-distillate inventories including gasoil, or diesel, and kerosene increased 1.04 million barrels, or 10.4 percent, to 11 million, the ministry’s data showed. That’s the highest in three weeks.

Supplies of light distillates including naphtha, gasoline and reformate were up 5,000 barrels at 10.8 million, a five-week high, according to the data.

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

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