Middle distillates stockpiles held in key trading hub Singapore are at more than a one-month high on higher total imports for February, despite a weekly increase in net exports, official data from Enterprise Singapore showed on Thursday.

Onshore middle distillates inventories, which mainly comprise gasoil and jet fuel/kerosene, were pegged at 8.898 million barrels (1.194 million tonnes) in the week ended March 8, the data showed.
The stock build-up for the week follows high import volumes for the whole of February, estimated at around 2.34 million tonnes by Refinitiv Oil Research, despite higher net export volumes week on week for both gasoil and jet fuel/kerosene.
Most of the import volumes came from China, according to shiptracking data from Refinitiv, in line with the rise in exports shown in that country’s custom data records.

Total gasoil exports out of Singapore for the week were at 433,475 tonnes, compared with 303,237 tonnes a week earlier. Key receivers for these exports were Malaysia and Myanmar.

Total imports for the transportation and industrial fuel were at 178,500 tonnes, down from 240,425 tonnes the previous week.

Separately, for jet fuel/kerosene, total imports rose for a second consecutive week to 7,390 tonnes, with Malaysia being the key contributor to the volumes.
Source: Reuters