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Singapore Fuel Oil Stockpiles Increase to Highest in Five Months

Nov. 29 (Bloomberg) -- Residual-fuel stockpiles in Singapore, Asia’s largest oil-trading and storage center, climbed to the highest level in almost five months, according to a unit of the Ministry of Trade and Industry.

Inventories including fuel oil and low-sulfur waxy residue and excluding bitumen increased 305,000 barrels, or 1.4 percent, to 22.5 million in the seven days ended yesterday, International Enterprise Singapore said today in an e-mailed statement. Supplies were the most since the week to July 4.

Stockpiles of middle distillates including gasoil, or diesel, and kerosene rose 691,000 barrels, or 7.5 percent, to 9.9 million, the ministry’s data showed. Supplies rebounded from the lowest level in seven weeks.

Light-distillates including naphtha, gasoline and reformate fell 1.5 million barrels, or 13.7 percent, to 9.4 million, according to the data. That’s the first decline in five weeks.

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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