Singapore middle distillate stocks fall to four-month low

Oil

Singapore middle distillate inventories declined by 690K bbls (or 4.5%) w-o-w to 14.51M bbls during the week ending January 6, falling to the lowest level since the week ending August 26, according to data from Enterprise Singapore cited by Reuters. Despite the weekly decrease, middle distillate stocks have increased by 3.72M bbls (or 34%) y-o-y, and are 4.04M bbls above the five-year average for this time of year. Onshore fuel oil stocks rose by 560K bbls w-o-w and 2.04M bbls y-o-y to 22.52M bbls, with light distillate inventories also building by 2.33M bbls y-o-y to 13.92M bbls.