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Singapore Middle Distillate Stocks Add to Global Bearishness

OIL PRODUCTS
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Singapore’s middle distillate inventories are swelling in 2024, signalling oversupply in the region, pressing Asian refining margins.

  • Singapore Enterprise data showed middle distillate inventories at their highest level since July 2021 on Thursday while gasoil refining profits in Asia have slipped to the lowest in a year at $14/bbl according to Bloomberg Fair Value data.
  • Middle-distillate inventories across five global oil hubs, covering the US, Europe, Japan, Singapore and the Middle Eastern emirate of Fujairah, are signaling bearishness, consultancy FGE said in a note on Thursday - growing by 3.4 million barrels m/m.
  • FGE said these stockpiles typically draw by that amount at this time of year.


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Singapore’s middle distillate inventories are swelling in 2024, signalling oversupply in the region, pressing Asian refining margins.

  • Singapore Enterprise data showed middle distillate inventories at their highest level since July 2021 on Thursday while gasoil refining profits in Asia have slipped to the lowest in a year at $14/bbl according to Bloomberg Fair Value data.
  • Middle-distillate inventories across five global oil hubs, covering the US, Europe, Japan, Singapore and the Middle Eastern emirate of Fujairah, are signaling bearishness, consultancy FGE said in a note on Thursday - growing by 3.4 million barrels m/m.
  • FGE said these stockpiles typically draw by that amount at this time of year.


Keep reading...Show less