Singapore's middle distillates dip slightly amid surging exports
Singapore's middle distillates inventories fell marginally week-on-week as net exports of both gasoil and jet fuel/kerosene grew, official data showed on Thursday.
Gasoil and jet fuel/kerosene inventories at the key oil storage hub were at 10.422 million barrels in the week ended Nov. 22 from 10.423 MMbbl a week earlier, data from Enterprise Singapore showed.
Net exports of gasoil posted a week-on-week gain for the first time in two months.
Total gasoil exports rose by more than two times week-on-week. Most of these exports were directed towards other South-East Asian countries, including Malaysia, Myanmar and Indonesia.
On the other hand, total gasoil imports fell 16.8% week-on-week.
Singapore was also a net exporter of jet fuel/kerosene and net exports posted week-on-week gains after two consecutive weeks of declines. Both imports and exports grew by a substantial amount.
Total jet fuel/kerosene imports grew by more than 300 times week-on-week, primarily driven by imports from Malaysia.
Total jet fuel/kerosene exports expanded over sevenfold week-on-week, with the top destination being Australia.