Singapore Fuel-Oil Inventories Decline to Lowest in Four Weeks

May 17 (Bloomberg) -- Residual-fuel inventories in Singapore, Asia’s biggest oil-trading, refining and storage center, fell to the lowest in four weeks, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen declined 1.5 million barrels, or 7.5 percent, to 18.37 million in the seven days to yesterday, International Enterprise Singapore said in an e-mailed statement. That’s the lowest since the week to April 18.

Middle-distillate supplies including gasoil, or diesel, and kerosene rose for a third week, gaining 730,000 barrels, or 7.3 percent, to 10.74 million, the ministry’s data showed.

Stockpiles of light distillates including naphtha, gasoline and reformate declined 623,000 barrels, or 6.1 percent, to 9.59 million, according to the data. That’s the lowest since the week to Oct. 19.

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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