Singapore light distillate stocks reach a record high

Oil

Singapore light distillate inventories shot up by 2.69M bbls (or 18%) w-o-w to 17.45M bbls during the week ending September 16, rising for the third consecutive week to reach a record high, according to data from Enterprise Singapore cited by Reuters. Onshore fuel oil stocks also increased by 575K bbls (or 3%) w-o-w to 21.31M bbls, as levels picked after reaching the lowest level since the week ending January 1 the previous week.

Net fuel oil import volumes tumbled by 63% w-o-w to 263KT, which is 426KT lower than the weekly average for 2020, with a total import figure of 969KT. Imports from Malaysia accounted for 630KT, while 128KT came from Brazil and 100KT from Russia. A record high amount of Singapore’s fuel oil exports went to Saudi Arabia at 418KT, which is 321KT greater than the previous high, as the Kingdom took more to meet power generation demand during the hot summer months.