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Singapore Light-Distillate Stockpiles Rise to Record High

Jan. 9 (Bloomberg) -- Light-distillates inventories in Singapore, Asia’s largest oil-trading and storage center, rose 18.1 percent to a record level, according to a unit of the Trade and Industry Ministry.

Onshore supplies including naphtha, reformate and gasoline gained by 1.96 million barrels to 12.8 million in the week to yesterday, International Enterprise Singapore said in an e-mailed statement today. That’s the highest since 1995, when Bloomberg started compiling the data. That’s also the biggest increase since February 2012.

Middle-distillate inventories including gasoil, or diesel, and kerosene rose by 2 million barrels, or 25 percent, to 10.1 million, the data show. That’s the highest since the week ended Oct. 2

Residual-fuel inventories of fuel oil and low-sulfur waxy residue excluding bitumen rose 1.6 million barrels, or 8.4 percent, to 20.7 million, data showed. The stockpiles gained first time in four weeks.

The trade ministry unit collects information on a voluntary basis from refiners, oil traders and storage terminals. The data may exclude some offshore storage capacity, according to IE Singapore.

To contact the reporter on this story: Winnie Zhu in Singapore at wzhu4@bloomberg.net

To contact the editor responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net

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