Singapore distillates stocks slip to below 9 MMbbl
Singapore's middle distillates stocks fell for the third straight week to below 9 MMbbl as gains in net exports of jet fuel offset a drop in gasoil exports, official data showed on Thursday.
Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore were at 8.907 MMbbl for the week ended Oct. 23, down from 9.303 MMbbl in the previous week, data from Enterprise Singapore showed.
Jet fuel/kerosene net exports gained as total imports fell by more than 90% week on week, despite the inflows of China-origin barrels.
Volumes from India this week were absent, though some cargoes are likely to be arriving next week, shiptracking data from Kpler and LSEG showed.
Singapore is slated to receive almost similar volumes of jet fuel for October, up to 180,000 tonnes or more compared with September, LSEG shiptracking data showed.
Exports of the aviation and heating fuel were mostly to regional destinations such as Australia and Vietnam for the week.
For diesel/gasoil, net exports fell by almost 37% week on week - although total imports of the fuel gained by 86%.
Cargo arrivals from India, Russia and Taiwan were the key contributors for the increments.
Meanwhile, traders are expecting a steady inflow of diesel from the Middle East and India to Singapore for the remainder of October given the better sale netbacks to this region, compared with west of Suez markets.
Imports from these two swing export regions to Singapore for October could total more than 370,000 tons - little changed month on month, Kpler shiptracking data showed.
More imports are expected until at least the first half of November, given the regional shortages due to planned and unplanned refinery outages, one Singapore-based trade source said.
Exports of diesel/gasoil also gained almost 10% week on week, given the robust outflow of cargoes to regional destinations such as Indonesia amid supply shortages there.
(1 ton = around 7.45 barrels for gasoil)
(1 ton = around 7.88 barrels for jet fuel/kerosene)
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