Inventories of middle distillates in storage at key trading hub Singapore edged lower as gasoil imports fell week-on-week, official data showed on Thursday.

Stock levels for gasoil and jet fuel/kerosene were at 7.786 million barrels (1.045 million tonnes) as of May 3, compared with 8.047 million barrels a week earlier, data from Enterprise Singapore showed.

Total imports for gasoil fell by about 25% to approximately 128,000 tonnes.

Below are the top import contributor countries for gasoil in the week and their respective volumes (in tonnes):

Import volumes from China were minimal for the fourth consecutive week, with this trend expected to continue.

“The exports are limited by dwindling margins, refinery turnarounds March thru May, recovering domestic demand and the government’s continued clampdown on private refiners that produce non-standard gasoil, with May outflows expected even lower at a 10-month low of only 400,000 mt,” said Refinitiv Oil Research.

Total exports for gasoil out of Singapore were down about 52% week-on-week at around 221,000 tonnes.

On the jet fuel/kerosene front, total imports and exports fell week-on-week.
Source: Reuters (Reporting by Matthew Chye; editing by Uttaresh Venkateshwaran)