Singapore light distillate stocks tumble to seven-month low

Oil

Singapore light distillate inventories fell by 680K bbls w-o-w to 13.57M bbls during the week ending September 30, the lowest level since the week ending Feb 26, according to data from Enterprise Singapore cited by Reuters. Light distillate stocks have now fallen for two consecutive weeks, after previously reaching a record high of 17.45M bbls during the week ending September 16. Onshore fuel oil stocks increased by 410K bbls w-o-w to 24.04M bbls, a six-week high.

Net fuel oil import volumes fell by 35% w-o-w to 727KT, which is 52KT lower than the weekly average for 2020, with a total import figure of 1.08MT. Imports from Malaysia accounted for 451KT, with 145KT coming from Brazil. Singapore exported 112KT of fuel oil to Bangladesh, the highest for at least fourteen months.