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OIL: Singapore Oil Stocks Surge Higher led by Fuel Oil

OIL
SingaporeEnergy BulletsBulletAPACCommodities

SINAGPORE STOCKS - Singapore total oil inventories surged by 9.68mbbl in the week to Dec. 18 with a gain for a seventh straight week to 54.36mbbl, according to Enterprise data.

  • Fuel oil stocks surged 11.05mbbl w/w to 28.97mbbl due to stronger supplies to Asia and slowing bunker fuel demand towards the year end holiday season. Imports this week mostly originated from Brazil and the US. Weekly onshore stockpiles averaged 21.89m tons so far in December compared to 18.15m tons in November.
  • Singapore’s middle distillate stocks fell by 0.813mbbl on the week to 10.56mbbl to partially reverse the gain seen the previous week.
  • Light distillates decreased by 0.556mbbl w/w to 14.84mbbl.
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SINAGPORE STOCKS - Singapore total oil inventories surged by 9.68mbbl in the week to Dec. 18 with a gain for a seventh straight week to 54.36mbbl, according to Enterprise data.

  • Fuel oil stocks surged 11.05mbbl w/w to 28.97mbbl due to stronger supplies to Asia and slowing bunker fuel demand towards the year end holiday season. Imports this week mostly originated from Brazil and the US. Weekly onshore stockpiles averaged 21.89m tons so far in December compared to 18.15m tons in November.
  • Singapore’s middle distillate stocks fell by 0.813mbbl on the week to 10.56mbbl to partially reverse the gain seen the previous week.
  • Light distillates decreased by 0.556mbbl w/w to 14.84mbbl.