Singapore middle distillates dip slightly to 2-week low amid higher net exports

Singapore’s middle distillates stockpiles were down 1.57% weekly to hit a two-week low amid rising net exports, official government data showed on Thursday.

Stocks of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore shrunk to 11.392 million barrels from 11.574 million barrels in the previous week, but was still a tad higher than the 10,136 million barrels recorded for the week ended April 17, figures from Enterprise Singapore showed. O/SING1

Diesel/gasoil net exports almost doubled, rising by 98% week-on-week, offsetting the 56% week-on-week reduction of jet fuel/kerosene net exports.

Total imports of diesel/gasoil reduced 58% week-on-week amid the absence of fuel arriving from Taiwan and Russia – the main contributors for fuel imports the previous week – while exports remained largely stable.

On the other hand, diesel/gasoil exports were largely bound for Bahrain, as well as the usual regional destinations such as Myanmar, Malaysia and Australia.

On the jet fuel/kerosene front, exports fell 20% week-on-week, and were largely bound for Vietnam, the Reunion Island, and Australia.

Imports multiplied significantly from 38 metric tons the previous week to 11,637 metric tons, due to a hefty 11,627-ton import originating from China.
Source: Reuters (Reporting by Cassandra Yap; Editing by Sohini Goswami)