SINGAPORE (Reuters) -Singapore’s middle distillates stockpiles jumped to a three-month high as net exports of diesel and jet fuel both dipped from a week earlier, official government data showed on Thursday.
Diesel/gasoil and jet fuel/kerosene inventories held at key oil storage hub Singapore climbed to 10.1 million barrels, compared with 9.8 million barrels a week earlier, figures from Enterprise Singapore showed. [O/SING1]
Net exports of gasoil for the week were around 40% of last week’s volume, with total imports rising by around five times from a week earlier.
Volumes from South Korea, Malaysia and Japan were the key contributors to total imports for the week.
For October, northeast Asia-origin barrels are likely to take up most of the import volumes, LSEG and Kpler shiptracking data showed.
A handful of India-origin cargoes are slated for arrival into Singapore as well towards the end of the month, according to LSEG shiptracking data.
Total exports also grew but at a slower pace of around 23% week-on-week.
Volumes to regional destinations such as Malaysia, Sri Lanka and Australia were the main contributors.
For jet fuel, arrivals from China were significant this week, leading to a 41% decline in net exports of the aviation fuel week on week.
Total exports, however, still gained 51%, as exports to Australia and Vietnam stayed brisk.
Export volumes to the U.S. and Europe for the week were likely sustainable aviation fuel, Kpler shiptracking data showed.
(1 ton = around 7.45 barrels for diesel, gasoil)
(1 ton = around 7.88 barrels for jet fuel, kerosene)
(Reporting by Trixie Yap; Editing by Harikrishnan Nair)
