Singapore's middle distillates stocks near 2-year high on lower gasoil net exports
(Reuters) - Singapore's middle distillates stockpiles hovered around a two-year high, tracking declines in net gasoil exports, though a rise in jet fuel/kerosene net exports slowed down the overall inventory pile up, official data showed on Thursday.
Inventories of gasoil and jet fuel/kerosene held in the key oil storage hub were at 9.885 million barrels in the week ended Oct. 4, up around 5% from last week, data from Enterprise Singapore showed.
Gasoil net exports fell by 45% week-on-week, while the city-state turned into a net exporter of jet fuel/kerosene, reversing the net importer position a week ago.
Singapore's imports of the transport and industrial fuel were prevalent from China, while cargo flows from Malaysia resumed after a two-week hiatus.
On the export front, most cargoes were bound for regional destinations.
Notably, flows to Indonesia were the highest for the week and the highest in more than six months, official data showed.
There could be some building up of inventories there given planned refinery maintenances at three sites starting from end-October, causing exports to soar, two market sources said.
Indonesia's Pertamina Patra Niaga was previously seeking for both end-September and mid-October deliveries of 2500 ppm sulfur gasoil cargoes, Reuters records showed.
On the jet fuel/kerosene front, the city-state flipped to a net exporter trade position from net importer a week earlier.
Exports resumed to some regions such as New Zealand after a two-week hiatus, supporting cargo flows out of Singapore.
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