Singapore light distillate stocks fall to eight-month low

Oil

Singapore light distillate inventories decreased by 540K bbls w-o-w to 13.3M bbls during the week ending October 21, falling to the lowest level since the week ending February 26 after previously rising for three consecutive weeks, according to data from Enterprise Singapore cited by Reuters. Middle distillate stocks declined by 310K bbls w-o-w to 14.81M bbls, which is an eight-week low, with onshore fuel oil inventories also falling by 340K bbls w-o-w to 24.32M bbls, after previously building for the past five weeks.

Net fuel oil import volumes declined to a two-week low of 498KT, which is 167KT lower than the weekly average for 2020, with a total import figure of 833KT. Imports from Malaysia accounted for 449KT, with 97KT coming from Iraq. The majority of Singapore’s fuel oil exports went to Saudi Arabia at 152KT, which is the second highest level on record, with 98KT also going to South Korea.