Latest News

Singapore's middle distillates stocks fall as net exports gain

Singapore's middle distillates stocks edged down by 1.4% week on week as web exports of both diesel/gasoil and jet fuel/kerosene both acquired, though Middle East diesel/gasoil barrels stayed prevalent, official information revealed on Thursday.

Stock levels of diesel/gasoil and jet fuel/kerosene at secret oil storage hub Singapore were at 10.587 million barrels for the week ended Oct. 9, below 10.742 million barrels in the previous week, information from Business Singapore revealed.

Net exports of diesel/gasoil gained by 6%, while net exports of jet fuel/kerosene gained around 48% week on week.

On the diesel/gasoil front, total imports for the week fell at a quicker speed than total exports.

Imports primarily came from the Middle East and South Korea, with the rise in inflows from the Middle East in line with earlier market expectations provided the much better seller profits compared to markets west of Suez.

Freight streams from the Middle East and India might be stable month on month in October, Kpler shiptracking data revealed.

Swing barrels out of both the Middle East and west coast India continue to point east of Suez, and with the east-west price spread having narrowed once again, there is little sign of a hunger to pull east of Suez barrels into the west presently, stated Sparta Commodities expert Philip Jones-Lux.

On the other hand, traders were mixed on the volumes coming from northeast Asia amid the refinery maintenance season and also continuous talks of decreased production because region due to the fact that of squeezed refining profits.

For net exports of diesel/gasoil, volumes from Singapore were mostly bound for Australia, Malaysia, Indonesia and Vietnam.

More exports to regional destinations such as Indonesia and Malaysia might emerge moving forward because of unforeseen production blackouts there up until November, one trade source said.

On the jet fuel/kerosene front, overall imports stayed very little - likewise a week previously - while overall exports got by 48%.

Export volumes were mostly heading to regional locations such as Australia and New Zealand for the week. ( 1 ton = around 7.45 barrels for gasoil). ( 1 heap = around 7.88 barrels for jet fuel/kerosene)

(source: Reuters)