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Singapore’s Middle Distillates Stocks Fell to Over One-Year Low

OIL PRODUCTS

Singapore’s middle distillates inventories - gasoil/diesel and jet fuel/kerosene - fell for the third consecutive week to 6.903mn barrels in the week through 17 January, down by 3% on the week, and the lowest level in over a year, data from Enterprise Singapore showed, cited by Reuters.

  • Diesel/gasoil net exports surged by almost 40% week on week.
  • Gasoil imports fell by around 26% on the week but China-origin cargoes emerged for the first time in almost a month, following the availability of export quotas since the new year started.
  • More than 135k tons of China-origin diesel/gasoil will likely arrive in Singapore in January, LSEG ship tracking data showed.
  • In contrast, net exports of jet fuel/kerosene declined by 39% on the week.
  • Total exports increased by 7% on the week, with most shipments headed to Indonesia, Malaysia and other regional destinations.
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