Singapore’s middle distillate stocks rebound to nine-week high

Oil

Singapore’s middle distillate stocks increased by 1.36M bbls w-o-w to 8.53M bbls during the week ending 19 January, rebounding to a nine-week high after falling to the lowest level since December 2013 during the previous week, according to Reuters citing Enterprise Singapore data. This is still a decline of 6.63M bbls y-o-y however. Light distillate inventories fell by 120K bbls w-o-w to 13.54M bbls. Fuel oil inventories decreased by 1.14M bbls w-o-w to 21.2M bbls, after net imports fell to a three-week low of 312Kt, a decline of 60% w-o-w and compared to the 2021 weekly average of 660Kt. The largest net importer was Malaysia at 188Kt, followed by the UAE at 107Kt. Bangladesh was the top export destination for fuel oil, with shipments totalling 51Kt.