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Singapore Distillate Stockpiles Drop to Lowest in Five Months

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May 31 (Bloomberg) -- Middle-distillate supplies in Singapore, Asia’s biggest oil-trading, refining and storage center, dropped to the lowest level in five months, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles of gasoil, or diesel, and kerosene fell for a second week, dropping 1.1 million barrels, or 11 percent, to 8.73 million barrels in the seven days to May 30, the ministry’s data showed. That was the lowest since Dec. 21.

Residual-fuel inventories, including fuel oil and low-sulfur waxy residue and excluding bitumen, rose 1.46 million barrels, or 7.7 percent, to 20.36 million barrels. That’s the most since the week ended April 11.

Stockpiles of light distillates including naphtha, gasoline and reformate were little changed at 8.75 million barrels from 8.74 million a week earlier, which was the lowest since September, 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.

To contact the reporter on this story: Winnie Zhu in singapore at wzhu4@bloomberg.net

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

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