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

Oil

Singapore’s middle distillate inventories increased by 650K bbls w-o-w to 8.61M bbls during the week ending 22 June, the highest level since April, according to Reuters citing Enterprise Singapore data. Despite rising to a nine-week high stocks still remain down by 4.48M bbls y-o-y, and are 2.89M bbls below the five-year average for this time of year. Fuel oil inventories also increased by 1.15M bbls w-o-w to 21.35M bbls, whereas light distillate stocks declined by 600K bbls w-o-w to 15.21M bbls, falling after reaching the highest level since March 2021 during the previous week.