Singapore Residual-Oil Stockpiles Fall to Lowest in Seven Months
Onshore inventories of residues, a category that includes fuel oil and low-sulfur waxy residue and excludes bitumen, dropped 8.6 percent to 16.28 million barrels in the week ended July 18, International Enterprise Singapore, a unit of the ministry, said today in an e-mailed statement. Supplies are at the lowest since the week ended Jan. 18.
Stockpiles of light distillates such as naphtha, reformate and gasoline declined 13 percent to 8.32 million barrels, the lowest level since Feb. 11, 2009. Middle distillates, a category that includes gasoil and kerosene, rose 0.2 percent to 9.32 million barrels.
The trade ministry unit surveys refiners, oil companies and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, International Enterprise said.
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