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Singapore Residual-Fuel Stockpiles Drop to Lowest Since January

March 14 (Bloomberg) -- Residual-fuel inventories in Singapore, Asia’s largest oil-trading and storage center, fell 7.1 percent to the lowest level in seven 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 declined 1.42 million barrels to 18.6 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the lowest since the week ended Jan. 23.

Supplies of middle distillates including gasoil, or diesel, and kerosene rebounded 602,000 barrels, or 6.4 percent, to 10 million barrels, the ministry’s data showed. That’s the first gain in three weeks.

Light-distillate inventories including naphtha, gasoline and reformate were down 238,000 barrels, or 2.4 percent, at 9.8 million barrels, according to the data. Stockpiles decreased for a third week.

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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