Singapore Light Distillate Stockpiles Drop Most Since NovemberYee Kai Pin
Light distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell 10 percent the past week, the most in more than two months, according to a unit of the Ministry of Trade and Industry.
Onshore stockpiles including naphtha, gasoline and reformate dropped 1.12 million barrels to 9.7 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the biggest percentage loss since the period ended Nov. 28, bringing supplies to the lowest in six weeks.
Stockpiles of middle distillates including gasoil, or diesel, and kerosene were down 827,000 barrels, or 7.2 percent, at 10.7 million, the ministry’s data showed. That’s the first decline in three weeks.
Residual-fuel inventories including fuel oil and low-sulfur waxy residue and excluding bitumen decreased 1.22 million barrels, or 5.9 percent, to 19.4 million, according to the data. Stockpiles slid from an eight-week high.
The trade ministry surveys refiners, traders and storage terminals on a voluntary basis. The results may exclude offshore storage capacity, International Enterprise said.