Singapore Middle-Distillate Stockpiles Fall to 30-Month Low

Middle-distillate inventories fell for a third week to the lowest level in more than 30 months in Singapore, Asia’s largest oil-trading and storage center, according to a unit of the Ministry of Trade and Industry.

Onshore supplies including gasoil, or diesel, and kerosene slid by 662,000 barrels, or 7.8 percent, to 7.8 million in the seven days ended yesterday, International Enterprise Singapore said in an e-mailed statement today. That’s the lowest since the week ended Dec. 14, 2011.

Stockpiles of residual fuels, including fuel oil and low-sulfur waxy residue and excluding bitumen, declined 1.5 million barrels, or 6.8 percent, to 19.9 million, according to the data. That’s the lowest level in eight weeks.

Light-distillate inventories including naphtha, gasoline and reformate rose 308,000 barrels, or 3.5 percent, to 9.2 million, according to the data. Supplies climbed a third week to a four-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.

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