Singapore light end stocks creep to 4-week high, track Fujairah higher

London, (Quantum Commodity Intelligence) - Inventories of light distillates such as gasoline, naphtha and liquefied petroleum gas rose to their highest level in four weeks at the refining hub of Singapore on May 19 – a move that mirrors rising stocks in the Middle East.

Total inventories reached 12.56 million barrels, according to data released by Enterprise Singapore, up just 181,000 barrels on the week, but the highest since April 21 as demand in the region dwindles on rising covid infections.

The data comes a day after Fujairah posted a 20% stock build on the week for light distillates.

Gasoline cracks for June versus August cash Brent slumped last week from $6.45/b to $4.81/b on fears that infections of the coronavirus were rising in almost every country in the region bar China.

However, the small rise in gasoline stocks may cheer refiners as they inventories remain 13% off the 52-week average.

RON 92 FOB Singapore cracks recovered this week and stand at $5.89/b, they remain off their high of $7.05/b reached at the start of the month.

Elsewhere, middle distillate stocks fell 352,000 barrels to 13.59 million barrels, 7% under the 52-week average, while residual fuel stocks fell 1.4 million barrels to 24.9 million, 6% above the rolling yearly average.