STOCKS DATA: Singapore fuel at six-week high, light ends drop 16%
Quantum Commodity Intelligence – Stocks of fuel oil at the bunkering hub of Singapore rose to their highest level in six weeks this week, according to data from Enterprise Singapore.
Stocks of both high and low sulfur fuel totalled 24.4 million barrels at the world’s biggest bunkering port, up 1.35 million barrels, or 6% on the week, the data showed.
The stocks are now 5% above the average so far this year.
Conversely, while fuel oil stocks rose, light end stocks fell by their biggest weekly fall in 10 months – down 2.28 million barrels, or 16%, to 12.292 million barrels, the data showed.
It is the lowest inventory level for products such as LPG, gasoline and naphtha in six weeks and the drop comes as margins have started to ease for gasoline, but remain very high for naphtha, according to Quantum data.
Light end stocks are 13% below the average so far this year.
Middle distillate stocks largely flatlined on the week at 11.3 million barrels. Stocks such as jet and diesel are down 2% on the week and are 17% below the average so far this year.