Singapore Middle-Distillate Stockpiles Shrink Most in 19 Months

Middle-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell 17 percent the past week, the most in more than 19 months, according to a unit of the Trade and Industry Ministry.

Onshore stockpiles including gasoil, or diesel, and kerosene dropped by 1.64 million barrels to 8.21 million in the seven days to yesterday, International Enterprise Singapore said in an e-mailed statement today. That’s the steepest percentage decline since the week ended April 25, 2012, leaving supplies at the lowest level since Aug. 21 this year.

Residual-fuel inventories including fuel oil and low-sulfur waxy residue and excluding bitumen decreased by 438,000 barrels, or 2.1 percent, to 20.3 million, the data show. That’s the sixth drop in seven weeks.

Stockpiles of light distillates including naphtha, reformate and gasoline slid by 352,000 barrels, or 3.2 percent, to 10.7 million, according to the data. Supplies shrank to a three-week low.

The trade ministry unit surveys refiners, oil traders and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, it said.

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