Singapore distillate stocks hit 14-month low, as all stocks hit 2-mth low

London, (Quantum Commodity Intelligence) - Inventories of oil products in the trading hub of Singapore fell sharply last week, with total stocks of all products falling to a two-month low, led by a collapse in both middle distillate and fuel stocks, data from Enterprise Singapore shows.

Stocks of residual fuels posted their biggest weekly draw in more than two months last week, with inventories of fuel oil falling to 22.8 million barrels, down 2.1 million barrels, or 8% on the week.

Stocks of middle distillates, such as jet fuel and diesel, also fell 8% to 12.45 million barrels – the lowest level in more than 14 months.

Inventories of light ends, such as gasoline and naphtha, were broadly stable at 12.5 million barrels.

Middle distillate and light end stocks remain 12-15% down on the average levels recorded so far this year, while fuel oil stocks are at the weekly average so far.