STOCKS DATA: Singapore light end stocks creep to three-month high
Quantum Commodity Intelligence – Stocks of light distillates in the storage hub of Singapore have climbed to their highest level in three months, data from Enterprise Singapore showed Thursday.
Inventories of products such as LPG, gasoline and naphtha rose 321,000 barrels to 14.573 million barrels, the data showed, 3% higher than the average so far this year.
Stocks of light ends have been building steadily at the hub since early May when they hit an eight-month low as refining throughput lagged a rise in demand.
Profit margins for gasoline have been in an upward trend since June, according to Quantum data, as the US gasoline driving season kicked off and hauled global prices upwards.
Elsewhere, stocks of middle distillates broadly flatlined and remain at relatively low levels.
Inventories of products such as diesel and jet fuel fell 107,000 barrels on the week, according to the data, to 11.478 million barrels, 16% below the average so far this year.
Finally, stocks of residual fuels rose 267,000 barrels to 23.09 million barrels on lower exports.
The figure is 1% below the average so far this year.
Inventories of fuel oil rose from a near four-month low last week.