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Singapore Residual-Fuel Inventories Snap Five-Week Decline

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Jan. 17 (Bloomberg) -- Residual-fuel inventories in Singapore, Asia’s largest oil-trading and storage center, rose 3.7 percent to snap a five-week decline, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen climbed 652,000 barrels to 18.4 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the first weekly gain since the period ended Dec. 5.

Stockpiles of light distillates including naphtha, gasoline and reformate fell 492,000 barrels, or 4.3 percent, to 11.1 million barrels, the ministry’s data showed. Supplies declined for the first time in three weeks.

Middle-distillate inventories including gasoil, or diesel, and kerosene decreased 116,000 barrels, or 1.1 percent, to 10.9 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.

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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