STOCKS DATA: Singapore distillate stocks fall 16%, light ends rise 12%

London, (Quantum Commodity Intelligence) - Stocks of middle distillates in Singapore fell 16% in the week ending 7 July, dropping by 2.2 million barrels to 11.6 million barrels, according to data from Enterprise Singapore.

The fall in jet fuel, gasoil and diesel stocks mean inventories are now at a four-week low and 16% below the average so far this year.

Despite that, refining margins for middle distillates remain depressed, as demand for air travel remains significantly below pre-pandemic levels while refinery runs rise, with jet cracks at $2.36/b, around half the high hit earlier this year.

Fuel stocks also fell in the bunkering hub, dropping 5% on the week to 22.8 million barrels.

While that figure is a four-month low, the total is only 2% below the average weekly stock levels seen this year.

Light end stocks of products such as gasoline and naphtha rose 12% to 14.3 million barrels, the data showed.

The figure is around the average so far this year.