Singapore middle distillate stocks fall from record high

Oil

Singapore middle distillate inventories decreased by 490K bbls w-o-w to 16.1M bbls during the week ending November 18, falling after previously reaching a record high last week, according to data from Enterprise Singapore cited by Reuters. This is still an increase of 4.46M bbls y-o-y however, and is 4.13M bbls above the five-year average for this time of year. Onshore fuel oil stocks declined by 1.04M bbls w-o-w to 22M bbls, the lowest level since the week ending September 16, with light distillate inventories also being drawn down by 920K b/d w-o-w to 12.43M b/d.