Oil product stocks in Singapore plunged to a 13-year low, owing to the persistent crisis in the Middle East that pushed residual fuel inventories sharply lower, Reuters reported Thursday, citing Enterprise Singapore data.
Combined onshore oil product inventories declined to 34.41 million barrels in the week ended June 10, marking their lowest level since July 2013, the report said.
Residual fuel stocks also fell to 14.84 million barrels in the same week, representing their lowest level in about eight years, according to the report.
Heavy distillate imports declined 36.3% from the previous week, with no additional supplies arriving from the Middle East. Middle distillate inventories, including diesel and jet fuel, also fell to around 6.9 million barrels in the week ended June 10 from 7.3 million barrels a week earlier, despite higher exports, the report added.
Net diesel exports surged by about five times, while imports decreased by 42%, with supplies mainly coming from India, South Korea, and Indonesia, Reuters said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)