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Singapore Light-Distillate Stockpiles Decline to Three-Year Low

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Aug. 30 (Bloomberg) -- Light-distillate inventories in Singapore, Asia’s biggest center for oil trading, refining and storage, dropped to the lowest level in more than three years, according to a unit of the Ministry of Trade and Industry.

Stockpiles of naphtha, gasoline and reformate dropped for a second week, falling by 41,000 barrels, or 0.5 percent, to 8.28 million barrels, the least since February 2009.

Inventories of fuel oil and low-sulfur waxy residue, excluding bitumen, rose for the first time in three weeks, climbing by 1.04 million barrels, or 6.4 percent, to 17.3 million barrels in the seven days ended yesterday, International Enterprise Singapore said in an e-mailed statement today.

Middle-distillate supplies, including gasoil and kerosene, gained for a second week, increased by 281,000 barrels, or 3 percent, to 9.6 million, 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