Bloomberg News

Singapore Middle-Distillate Supplies Gain Most in Eight Months

July 12, 2012

Middle-distillate inventories in Singapore, Asia’s largest oil-trading and storage center, rose the most in nearly eight months, according to a unit of the Ministry of Trade and Industry.

Onshore stockpiles including gasoil, or diesel, and kerosene climbed by 1.17 million barrels, or 15 percent, to 8.96 million in the week ended yesterday, International Enterprise Singapore said today in an e-mailed statement. That’s the biggest percentage increase since the week ended Nov. 16.

Residual-fuel inventories, including fuel oil and low- sulfur waxy residue and excluding bitumen, fell by 2.99 million barrels, or 13 percent, to 20.7 million, the ministry’s data showed. Supplies were previously the highest since May 2010.

Stockpiles of light distillates including naphtha, gasoline and reformate declined by 1.17 million barrels, or 10 percent, to 10.2 million, the lowest in five weeks, according to the data.

The trade ministry surveys refiners, traders and storage terminals on a voluntary basis. The results may exclude offshore storage capacity, International Enterprise said.

To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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