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Singapore Middle Distillate Stocks Rebound

OIL PRODUCTS

Singapore’s middle distillate stocks rose above 8.5m bbl amid slowing net exports of gasoil, according to official data.

  • Slowing gasoil exports outweighed stronger jet fuel exports.
  • Singapore’s gasoil and jet fuel inventories rose by 4% in the week to Oct. 25. This is up from 8.19m bbl in the week prior.
  • Net exports of gasoil fell 12% on the week amid higher imports from major exporters such as China and South Korea.
  • A Reuters source said that a volatile East-West arbitrage window was one driver of Middle East volumes arriving once again in Singapore, with narrowing margins and rising freight making European markets less lucrative.

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