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Singapore Residual Fuel Inventories Decline to Nine-Week Low

Dec. 20 (Bloomberg) -- Residual-fuel inventories in Singapore, Asia’s largest oil-trading and storage center, fell 2.7 percent to the lowest level in nine weeks, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen dropped 553,000 barrels to 20 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. 17.

Stockpiles of middle distillates including gasoil, or diesel, and kerosene rose 296,000 barrels, or 3 percent, to 10.2 million barrels, the ministry’s data showed. That’s the third increase in four weeks.

Light-distillate inventories including naphtha, gasoline and reformate were up 489,000 barrels, or 5.4 percent, at 9.6 million barrels, according to the data. Supplies rebounded from a seven-week low.

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: Yee Kai Pin in Singapore at kyee13@bloomberg.net

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

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