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Singapore Middle-Distillate Inventories Fall to Five-Month Low

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March 21 (Bloomberg) -- Middle distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell 7.9 percent to the lowest level in more than five months, according to a unit of the Ministry of Trade and Industry.

Supplies of gasoil, or diesel, and kerosene dropped by 795,000 barrels to 9.2 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 Oct. 3.

Onshore residual-fuel stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen declined by 145,000 barrels, or 0.8 percent, to 18.5 million, the ministry’s data showed. The volume fell for a third week to the lowest since the period ended Jan. 23.

Light-distillate inventories including naphtha, gasoline and reformate rose for the first time in four weeks. Stockpiles gained 1.32 million barrels, or 14 percent, to 11.1 million, the highest level since Jan. 23.

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: Winnie Zhu in Singapore at wzhu4@bloomberg.net

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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