Singapore Light Distillate Stockpiles Surge Most Since SeptemberYee Kai Pin
Light distillate inventories in Singapore, Asia’s largest oil-trading and storage center, rebounded 13 percent in the last week, the most since September, according to a unit of the Ministry of Trade and Industry.
Onshore stockpiles including naphtha, gasoline and reformate rose 1.19 million barrels to 10.7 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the biggest percentage gain since the week ended Sept. 26.
Stockpiles of middle distillates including gasoil, or diesel, and kerosene climbed 1.17 million barrels, or 12 percent, to 10.6 million, the ministry’s data showed. That’s the first increase in three weeks.
Residual-fuel inventories including fuel oil and low-sulfur waxy residue and excluding bitumen climbed 1.79 million barrels, or 9.5 percent, to 20.6 million, according to the data. Stockpiles advanced to a three-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.