Singapore Mid-Distillate Supplies Drop to Lowest Since NovemberYee Kai Pin
Middle-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, fell 8.8 percent to the lowest level in 15 weeks, according to a unit of the Ministry of Trade and Industry.
Onshore stockpiles including gasoil, or diesel, and kerosene declined 910,000 barrels to 9.4 million barrels in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the lowest level since the week ended Nov. 21.
Stockpiles of residual fuels including fuel oil and low-sulfur waxy residue and excluding bitumen were down 1.8 million barrels, or 8.3 percent, at 20 million, the ministry’s data showed. That’s the biggest drop since the week to Dec. 12.
Light-distillate inventories including naphtha, gasoline and reformate slid 641,000 barrels, or 6 percent, to 10 million barrels, according to the data. Stockpiles decreased for the fifth week in six.
The trade ministry surveys refiners, traders and storage terminals on a voluntary basis. The results may exclude offshore storage capacity, International Enterprise said.