Singapore Fuel Oil Stockpiles Fall as Light Distillates ReboundWinnie Zhu
Residual-fuel inventories in Singapore, Asia’s largest oil-trading and storage center, fell for the first time in four weeks, according to a unit of the Ministry of Trade and Industry.
Stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen declined 1.7 million barrels, or 7.4 percent, to 20.7 million in the seven days to yesterday, International Enterprise Singapore said today in an e-mailed statement. Supplies dropped from 22.3 million the previous week, the highest level in five months.
Light-distillate inventories including naphtha, gasoline and reformate climbed 800,000 barrels, or 8.3 percent, to 10.5 million, according to the data. That’s the first increase in three weeks.
Stockpiles of middle distillates including gasoil, or diesel, and kerosene decreased 237,000 barrels, or 2.5 percent, to 9.3 million, the ministry’s data showed. Supplies slid to a four-week low.
The trade ministry surveys refiners, traders and storage terminals on a voluntary basis. The results may exclude offshore storage capacity, International Enterprise said.