Singapore distillates stocks gain after four weeks despite net exports
By Trixie Yap
SINGAPORE, Oct 30 (Reuters) -Singapore's middle distillates stocks gained for the first time in four weeks to almost 9.4 million barrels, despite net exports of diesel and jet fuel both climbing week on week, official government data showed on Wednesday.
Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore were at 9.368 million barrels for the week ended Oct. 23, rising from 8.907 million barrels last week, data from Enterprise Singapore showed. O/SING1
Net exports of both diesel/gasoil and jet fuel/kerosene gained by twofold and threefold, respectively, mostly due to slowing total imports week on week.
Total imports of diesel/gasoil fell by more than 70% week on week, with total exports almost flat in comparison.
Imports for the week were mostly from India and South Korea, with LSEG and Kpler shiptracking data showing at leat two more India-origin cargoes bound for Singapore in these few days.
Traders are expecting cargoes from the Middle East and India to arrive in Singapore even in November, given the recent profitability for sellers with these cargoes to pivot east instead of west of Suez markets.
November arrivals from these regions into Singapore are likely to average 300,000 metric tons, LSEG and Kpler shiptracking data showed.
Total exports for the fuel were robust this week, with volumes continuously still heading to key regional destinations such as Indonesia, Myanmar, Malaysia and Vietnam.
On the jet fuel/kerosene front, total imports gained threefold as well, with India-origin barrels being the key contributor.
November imports are likely to be elevated as well, two Singapore-based trade sources said.
At least one cargo loading from India is bound for Singapore next month, Kpler shiptracking data showed.
Exports of the aviation and heating fuel for the week were robust to Australia.
(1 ton = around 7.45 barrels for gasoil)
(1 ton = around 7.88 barrels for jet fuel/kerosene)
Singapore's diesel/gasoil imports https://reut.rs/3UsK1wu
Singapore's diesel/gasoil exports https://reut.rs/4e4tZzP
Reporting by Trixie Yap; Editing by Sonia Cheema
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