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Singapore’s middle distillates stocks stable; gasoil net exports slip for second week

Singapore’s middle distillates inventories remained above 9 million barrels, official data showed, as net gasoil exports slipped for the second straight week, and jet fuel/kerosene net exports also fell.

Gasoil and jet fuel/kerosene inventories held at the key fuel storage hub were at 9.001 million barrels in the week ended Sept. 20, compared with 9.1 million barrels a week ago, data from Enterprise Singapore showed.

Net gasoil exports fell 58% week-on-week, with total exports declining at a quicker pace than total imports.

Exports to some regions such as New Zealand and Bangladesh were absent, compared with a week earlier, even though volumes to Australia and Malaysia rose from last week.

There were no exports to the West for the week as well.

Below are the top contributor countries for gasoil exports in the week and their respective volumes (in tons):

Meanwhile, imports from China, Taiwan and India remained brisk – in line with earlier expectations – as major refiners there cashed in on export margins.

China-origin export flows are expected to continue into October given the sufficient quota allowance for state-owned oil majors, two Singapore-based analysts said, adding that their estimates will be higher than September loading of slightly above 1 million metric tons.

Russia-origin cargoes surfaced for the first time since mid-July.

At least one more shipment of more than 60,000 tons is expected to come to Singapore in the next two weeks, LSEG shiptracking data showed.
However, September loaders from Russia to Singapore are minimal given curtailed export volumes from refinery maintenance and some domestic requirements.
Separately, net exports of jet fuel/kerosene decreased by 89% week-on-week as total imports more than doubled.

Malaysia was the major contributor for imports in the week.

Exports to the West slowed, likewise gasoil, contributing to the overall decrease in total exports week-on-week.
Source: Reuters (Reporting by Trixie Yap; Editing by Varun H K)

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