Singapore's middle distillate stocks fell to a 4-mos low, as exports rise
Singapore's inventories of middle distillates fell further to a fresh four-month low of around 8 million barrels, official data on Thursday showed, as net exports of both diesel/gasoil and jet fuel/kerosene rose.
Gasoil/diesel and jet fuel/kerosene stocks held at key oil storage hub Singapore were 8.081 million barrels in the week ended Dec. 20, compared with 8.641 million barrels the previous week, data from Enterprise Singapore showed.
Net exports of diesel/gasoil surged by almost 75% from a week earlier, fuelled by an 87% gain in total exports.
The largest contributor for the week was Australia, in line with earlier market expectations, as some buyers there may have needed to stock up ahead of a new mandate in the country next year for minimum fuel inventory levels.
Singapore's exports to Australia have rebounded in both October and November, after a dip in September, Kpler shiptracking data showed.
This increase could be only until year-end, as long as refiners do not tap in to their safety stockpiles after hitting the minimum requirements, two trade sources said.
Exports to Indonesia were also robust, as demand there was supported by lower domestic production during the refinery maintenance season, which is expected to last until January.
Volumes to Malaysia dipped for the week, with imports from the country also dropping back to zero.
South Korea was the most notable contributor, after steady volume of export sales from key refineries there in December.
Gasoil/diesel exports from South Korea to Singapore have been steadily climbing since September, Kpler and LSEG shiptracking data showed.
On the jet fuel/kerosene front, net exports grew by close to 43% week on week.
Volumes to regional destinations such as Malaysia, Philippines, Sri Lanka and Vietnam were most prevalent, given the earlier demand requirements via open market spot tenders from some importers.
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