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Singapore middle extracts fall for first time in 3 weeks

Singapore's middle ditstillates stocks fell for the very first time in 3 weeks, tracking the gains in net exports of diesel/gasoil, authorities government data revealed on Thursday.

Stocks of diesel/gasoil and jet fuel/kerosene at crucial oil storage hub Singapore declined to 10.136 million barrels from 11.208 million barrels in the previous week, figures from Enterprise Singapore showed.

The drop came as net exports of diesel/gasoil increased by a little more than 68% week on week, with total exports of the fuel getting at a quicker pace than overall imports.

Total imports climed by around 39%, while overall exports rose by just 4.6%.

Freight flows to Australia and Indonesia were this week's secret factor, according to the data, while volumes were constant likewise to other regional locations such as Malaysia and Myanmar.

Some exports to the United States also emerged, but one source said it could be a biofuel freight rather of routine diesel or gasoil.

Import volumes for the week continued from essential exporter China, with surprise volumes originating from Saudi Arabia - which some traders have stated it is likely gasoil with higher sulphur material.

Exports might begin slowing from China quickly from May as majors keep their cargoes in the house because of better domestic need and general tighter export quota accessibility.

Around 53.5% of export quotas released by Beijing have been consumed so far as of March, calculations revealed.

April-loading exports from China to Singapore are slated to hit up to 330,000 metric heaps, LSEG shiptracking data revealed.

Meanwhile on the jet fuel/kerosene front, arrivals were prevalent from China in line - propping up overall imports week on week.

Exports were primarily to local locations such as Australia.

(source: Reuters)