Singapore’s middle distillates stockpiles slipped below 10 million barrels to a four-month low in the week ended June 12 as net exports of jet fuel/kerosene and diesel/gasoil both climbed week on week, official data showed on Thursday.

Gasoil and jet fuel/kerosene inventories at key oil storage hub Singapore were at 9.028 million barrels for the week, compared with 10.845 million barrels last week, data from Enterprise Singapore showed.

Net exports of diesel/gasoil jumped more than two times from the previous week, while net exports of jet fuel/kerosene rose by 47%.

On the diesel/gasoil front, total imports fell over 40% from the previous week, with volumes absent from India and the Middle East for the week.

Volumes from South Korea, however, resurfaced after a two-week hiatus, with China volumes also evident, limiting the overall decline in total imports week on week.

Looking ahead, some analysts are still expecting flows from India and the Middle East to Singapore in the near term, with LSEG shiptracking data showing at least 140,000 metric tons already on this trade route in the next two weeks.

Export-wise, diesel/gasoil exports were mostly heading to regional destinations – especially Indonesia and Australia – once again.

Indonesia is expected to continue pulling cargoes from Singapore until early July as it replenishes production losses from a key refinery outage earlier, two trade sources said.
For jet fuel/kerosene, imports were almost absent in comparison to a week earlier, contributing to the surge in net exports.

Exports for the week, on the other hand, were mostly to key destination Australia.
Source: Reuters (Reporting by Trixie Yap; Editing by Sonia Cheema)