Singapore Crude Oil Imports Continue to Fall
Singapore’s crude oil imports dropped 47K b/d m-o-m and 166K b/d y-o-y to 571K b/d in September, which was the lowest level since May 2015, official data show. At 822K b/d, average monthly imports in January-September 2019 declined 107K b/d annually. This was largely due to a slide in shipments from the Middle East, which fell by 140K b/d y-o-y during the first nine months of the year, offsetting small increases in imports from West Africa, North America and the Mediterranean.
By early afternoon in London, ICE Brent was trading at $58.42/bbl, down $0.32/bbl from the end of Tuesday’s trading.