Singapore oil stocks fall

Oil

Singapore’s oil product inventories fell during the week ending 22 April, with declines across stocks of all grades, Reuters reported. Residual fuel stocks fell the most, dropping by 2.2M bbls w-o-w to 22.3M bbls. The draw down in stocks was attributed to stronger bunker demand as crude oil prices have weakened. Light distillate stocks fell by 203K bbls to 16.3M bbls, despite an increase of 2M bbls the week before, with middle distillates also dropping by 500k bbls to 14.4M bbls.