Singapore’s week-on-week middle distillates inventories rose by 6.8% as gasoil net exports fell, data from Enterprise Singapore showed on Thursday.

Onshore inventories of middle distillates such as gasoil and jet fuel/kerosene rose to 8.211 million barrels (1.102 million tonnes) in the week ended Feb. 22, the data showed.

Weekly net gasoil exports fell to 132,876 tonnes, compared with 144,601 tonnes a week earlier.

Separately, total gasoil imports rose by about 5% week on week to 214,276 tonnes, driven by supplies from China which has been ramping up gasoil exports as the country’s refiners cash in on better export margins.

Singapore’s total gasoil exports were broadly steady at 347,153 tonnes in the week to Feb. 22, with Australia being the largest receiver of the transportation fuel at 145,951 tonnes.
Singapore’s gasoil exports are estimated to be at 692,000 tonnes and will likely close around 1 million tonnes for February, according to Refinitiv Oil Research.

Net exports of jet fuel and kerosene totaled 50,818 tonnes, up by around 8% week on week, with volumes mostly heading to Australia, New Zealand and the United States as traders took advantage of an open arbitrage window to send more cargoes to the United States.
Source: Reuters