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Singapore’s Light-Distillate Stockpiles Climb to 11-Month High

Light-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, rose 12 percent to the highest level in 11 months, according to a unit of the Ministry of Trade and Industry.

Onshore supplies including naphtha, gasoline and reformate climbed 1.24 million barrels to 11.5 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the highest since Feb. 29.

Stockpiles of residual fuels including fuel oil and low-sulfur waxy residue and excluding bitumen fell 1.04 million barrels, or 5.5 percent, to 17.8 million, the ministry’s data showed. Supplies declined for a fifth week, the longest losing streak since April 2009.

Middle-distillate supplies including gasoil, or diesel, and kerosene rose 778,000 barrels, or 7.6 percent, to 11 million, according to the data. That’s the biggest gain 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.

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