Singapore’s Residual-Fuel Stockpiles Fall to Lowest Since JulyWinnie Zhu
Residual-fuel inventories in Singapore, Asia’s largest oil-trading and storage center, fell 6.9 percent to the lowest level in more than three months, according to a unit of the Trade and Industry Ministry.
Onshore supplies including fuel oil and low-sulfur waxy residue and excluding bitumen dropped by 1.4 million barrels to 19.2 million in the week to yesterday, International Enterprise Singapore said in an e-mailed statement today. Stockpiles declined for a fourth week to the least since the seven days ended July 17.
Middle-distillate inventories including gasoil, or diesel, and kerosene rose by 95,000 barrels, or 1.1 percent, to 9.1 million, according to the data. Supplies rebounded from an eight-week low.
Stockpiles of light distillates including naphtha, reformate and gasoline climbed by 395,000 barrels, or 3.9 percent, to 10.5 million, the data show. That’s the third weekly gain in four.
The trade ministry unit surveys refiners, oil traders and storage terminals on a voluntary basis. The results may exclude some offshore storage capacity, it said.