Singapore’s middle distillate stocks hit 13-week high

Singapore's middle distillate stocks rose to a 13-week high of 11.35mn bl for the week ended 31 July, Enterprise Singapore data show. Light distillates fell for the first time since 10 July and fuel oil inventories dropped to a three-week low.

• Singapore middle distillate stocks rose with more gasoil imports from swing suppliers India and the Mideast Gulf. The influx in middle distillate stocks was led by the latest stock build with Bahrain, Saudi Arabia and India, the top suppliers to Singapore after South Korea.
• Singapore's light distillate stocks eased because of a sharp fall in naphtha and gasoline imports. Naphtha imports fell by a third as supplies from Malaysia, India and Bahrain dried up. Exports surged to 19.2mn t from 3.7 mn t a week ago.
• Gasoline imports fell by 25pc with no supplies from Brunei in the reporting week.
• Fuel oil inventories continued to decline and fell to a three-week low on the back of lower imports. Oman, Brazil and the US were the top origin for arrivals into Singapore, while exports to China held steady on the week at around 880,000 bl.

By Roshni Devi