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Singapore distillates stocks rise for 3rd week as net exports slip even more

Singapore's middle distillates stocks increased for the third straight week as web exports of both jet fuel and diesel slipped amid increasing imports, main government information showed on Thursday.

Stock levels of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore climbed to a little above 9.6 million barrels for the week ended Nov. 13, compared to 9.569 million barrels in the previous week, data from Business Singapore showed.

Net exports of diesel/gasoil and jet fuel/kerosene both fell by 60-70% week-on-week.

For diesel/gasoil, the circumstance was more exacerbated by a swell up in total imports, as India, South Korea and Saudi Arabia-origin barrels abounded.

Previously, analysts had actually already anticipated large freight circulations headed to Singapore since of strong seller profitability compared with other markets such as those in the west of Suez.

For November, the overall number of arrivals for diesel/gasoil should be around 30% higher than last month, Kpler shiptracking information revealed.

Total exports of the fuel for the week nevertheless remained vigorous, getting 27% week-on-week.

Volumes were mainly bound for regional locations in Southeast Asia or the Pacific.

For jet fuel/kerosene, China-origin imports took the bulk of overall import volumes for the week, with some unanticipated barrels coming from Malaysia.

Prompt markets were slightly short on cargoes earlier as volumes were tight from China's oil majors offered restricted export quotas for the third batch and also strong need from the country's global aviation bunkering sector, a. Singapore-based trade source stated.

More India-origin barrels are still likely to reach. Singapore tanks in the next two weeks, a 2nd source added.

Exports of the air travel fuel slipped around 8% week-on-week.

(source: Reuters)