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Singapore middle distillates stocks hit 2-1/2- year high above 11 mln bbl

Singapore's middle extracts stocks rose above the 11 million barrel level for the very first time in twoandahalf years, in the middle of a decrease in internet exports of diesel/gasoil, official government data revealed on Thursday.

Gasoil/diesel and jet fuel/kerosene stocks at crucial oil storage hub Singapore stood at 11.208 million barrels in the week to April 10, up by almost 1 million barrels from a week earlier, Business Singapore data revealed.

Net exports of diesel/gasoil slipped by more than 20%. week-on-week, while total imports gained 13%.

Volumes heading into Singapore were controlled again by. northeast Asia-origin cargoes such as from China, South Korea. and Taiwan - which remained in line with earlier expectations.

More freights are expected to get here from these regions in. the next two weeks, with a minimum of three freights of more than. 40,000 heaps each packed and already bound for Singapore, LSEG. and Kpler shiptracking information both revealed.

The possibility of swing materials from India and the Middle. East heading to Singapore for April may likewise add on to. stockpiles in the near-term, though the arbitrage to the west. might be more economically sound, one source stated.

A minimum of one 42,000-ton cargo up until now has actually been fixed for. April-loading from India to Singapore, compared to no in. March, LSEG and Kpler shiptracking information showed.

Meanwhile, exports of diesel/gasoil fell by practically 10%. week-on-week, with volumes still primarily flowing to local. locations.

Some exports to South Africa also resurfaced after 4. months.

On the jet fuel/kerosene front, imports from China continued. for the 3rd successive week, however total exports rose by more. than 5 times.

Exports for the week were especially common to Vietnam. - most likely to be on a term agreement basis to a crucial fuel provider. there.

(source: Reuters)