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Singapore Light-Distillate Stockpiles Drop to Seven-Week Low

Light-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell 9.6 percent to the lowest in seven weeks, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including naphtha, gasoline and reformate slid 967,000 barrels to 9.11 million barrels in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the lowest level since the week ended Oct. 24.

Stockpiles of middle distillates including gasoil, or diesel, and kerosene dropped 1.62 million barrels, or 14 percent, to 9.86 million barrels, the ministry’s data showed. That’s the biggest decline in three weeks.

Residual-fuel inventories including fuel oil and low-sulfur waxy residue and excluding bitumen decreased 2.45 million barrels, or 11 percent, to 20.5 million, according to the data. Supplies were down for the first time in six weeks.

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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