Singapore Middle Distillates Supply Increases to 14-Month High

Middle distillates stockpiles in Singapore, Asia’s largest oil-trading and storage center, climbed to the highest level in almost 14 months, according to a unit of the Ministry of Trade and Industry.

Stockpiles including gasoil and kerosene rose by 1.6 million barrels, or 16 percent, to 11.5 million, in the seven days ended yesterday, International Enterprise Singapore said today in an e-mailed statement. Supplies gained for a second week to the most since the week ended Oct. 19, 2011.

Inventories of fuel oil, low-sulfur waxy residue and excluding bitumen increased by 477,000 barrels, or 2.1 percent, to 23 million, the ministry’s data showed. Supplies of the residual fuel rose a fifth week to the most in five months.

Light-distillates including naphtha, gasoline and reformate gained 634,000 barrels, or 6.7 percent, to 10.1 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.

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