Singapore’s middle distillates stocks climbed for the first time in almost a month, steadying at slightly above 6.9 million barrels as net gasoil/diesel exports slipped, official data showed on Thursday.

Inventories of gasoil/diesel and jet fuel/kerosene at the key oil storage hub rose slightly to 6.927 million barrels in the week to Jan. 24 from 6.903 million barrels last week, data from Enterprise Singapore showed.

Net gasoil/diesel exports declined for the first time in two weeks, by around 56% from the previous week.

Total exports fell at a faster pace than total imports of the fuels.

Volumes were still mainly bound for regional destinations such as Indonesia, Malaysia, Myanmar, and New Zealand.

Spot purchases have been particularly prevalent from Indonesia since importers did not procure term cargoes for the first quarter this year, Reuters tender records showed.

Exports to Malaysia fell to a three-week low as talks of some resumption in local refinery supply emerged since the start of the week, one Singapore-based trade source said.

Imports from India resurfaced after a one-week lull, further supporting earlier expectations that higher freight costs to the West could cause some swing cargoes from south Asia and the Middle East to pivot back to Singapore if margins turn out better.

Freight rates on the Middle East-United Kingdom route have gone up to $7.5 million yesterday from $5.2 million earlier in the week for a long-range 90,000-metric ton clean products vessel, pricing data from SSY Tankers showed.

So far, one more cargo from India loading in end-January could head to Singapore, shiptracking data from LSEG and Kpler showed.

Gains of around 12% for jet fuel/kerosene net exports counteracted the decline in gasoil/diesel net exports.

Exports to regional destinations remained prevalent, especially to Vietnam and New Zealand.

Imports dipped significantly given the lack of arrivals from northeast Asia.
Source: Reuters (Reporting by Trixie Yap; Editing by Varun H K)