Singapore onshore fuel oil stocks reach five-week high

Oil

Singapore onshore fuel oil stocks increased by 2.04M bbls w-o-w and 2.25M bbls y-o-y to 24.04M bbls during the week ending November 25, rising to the highest level since the week ending October 21 after previously falling for the past two weeks, according to data from Enterprise Singapore cited by Reuters. Middle distillate inventories declined by 700K bbls w-o-w to 15.39M bbls, however this is still an increase of 4.45M bbls y-o-y and is 3.71M bbls above the five-year average for this time of year. Light distillate stocks rose by 110K bbls w-o-w and 1.31M bbls y-o-y to 12.55M bbls.