Singapore Residual-Fuel Supplies Rise to Highest Since May 2010
Thursday, 05 July 2012 | 14:34
Residual-fuel inventories in Singapore, Asia’s biggest oil-trading and storage center, climbed to the highest level in more than two years, according to a unit of the Ministry of Trade and Industry.
Onshore stockpiles including fuel oil and low-sulfur waxy residue and excluding bitumen increased 3.09 million barrels, or 15 percent, to 23.7 million in the seven days to yesterday, International Enterprise Singapore said in an e-mailed statement today. That’s the highest since the week ended May 19, 2010.
Middle-distillate supplies including gasoil, or diesel, and kerosene dropped 470,000 barrels, or 5.7 percent, to 7.79 million, the ministry’s data showed. That’s the lowest since the week ended Dec. 14.
Stockpiles of light distillates including naphtha, gasoline and reformate rose 401,000 barrels, or 3.7 percent, to 11.4 million, the highest in three 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.