Singapore light distillate stocks reach five-week high

Oil

Singapore light distillate stocks rose by 290K bbls w-o-w and 450K bbls y-o-y to 12.72M bbls during the week ending December 16, climbing for the second consecutive week to the highest level since the week ending November 11, according to data from Enterprise Singapore cited by Reuters. Middle distillate inventories shot up by 4.63M bbls y-o-y and 460K bbls w-o-w to 15.5M bbls, which is 4.92M bbls above the five-year average for this time of year. Onshore fuel oil stocks increased by 470K bbls w-o-w and 3.11M bbls y-o-y to 22.83M bbls, rebuilding after plummeting by 3.39M bbls w-o-w during the previous week.