Singapore’s middle distillates stockpiles fell 4% week-on-week to below 11 million barrels as a rise in jet fuel/kerosene net exports outweighed gains in diesel/kerosene net exports, official data showed on Thursday.

Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore were at 10.919 million barrels for the week ended Sept. 11, slightly down from 11.374 million barrels a week ago, data from Enterprise Singapore showed. O/SING1

For jet fuel/kerosene, net exports surged almost ten-fold from a week earlier as total imports went back to nearly negligible levels.

Total exports continued to flow out of Singapore to various regional destinations such as Indonesia, Australia and Sri Lanka.

Imports of the aviation fuel are still expected to be high this month, shiptracking data from Kpler and LSEG showed.

Meanwhile, exports of diesel/gasoil fell by almost 70% week-on-week, with total imports rising more than two times.

Volumes from India and the Middle East resurfaced after a few weeks of hiatus, in line with some earlier analyst expectations that swing suppliers could still pivot their spot sales east given falling clean tanker freight costs.

Cargoes from South Korea and Taiwan also climbed significantly from a week earlier, the data showed.

There is some supply replenishment in this region given the maintenance season is still ongoing until the second-half of this month, a regional trade source said.

Russian inflows also continued for a third straight week.

For the diesel/gasoil exports, volumes were little changed from a week earlier, with major buying still buying regional importers.
Source: Reuters (Reporting by Trixie Yap; Editing by Rashmi Aich and Sonia Cheema)