Singapore Fuel-Oil Stockpiles Rise 12% to Three-Week High

Residual-fuel inventories in Singapore, Asia’s biggest oil-trading and storage center, climbed 12 percent to the highest in three weeks, according to a unit of the Ministry of Trade and Industry.

Supplies including fuel oil and low-sulfur waxy residue and excluding bitumen increased 2.18 million barrels in the week to yesterday to 19.7 million, International Enterprise Singapore said today in an e-mailed statement.
Onshore stockpiles of light distillates dropped 317,000 barrels, or 3.3 percent, to 9.4 million, a five-week low. Middle-distillate stockpiles including gasoil, or diesel, and kerosene decreased 243,000 barrels, or 1.5 percent, to 15.6 million. That’s the lowest in three weeks.
The trade ministry surveys refiners, traders and storage terminals on a voluntary basis. The results may exclude offshore storage capacity, International Enterprise said.
Source: Bloomberg