off-the-wire

CORRECTED-Singapore's middle distillates stocks rise for fourth straight week

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Corrects date in the jet fuel/kerosene table) By Trixie Sher Li Yap SINGAPORE, March 30 (Reuters) - Inventories of middle distillates at key trading hub Singapore spiked further by 2.3% week on week despite an increase in total net export volumes, official data showed on Thursday.


Onshore stockpiles of gasoil and jet fuel/kerosene were at 9.851 million barrels (1.322 million tonnes), a new high since Oct. 13, 2021, data from Enterprise Singapore added. The accumulation in stockpiles came despite higher net export volumes for both gasoil and jet fuel/kerosene. Total exports for gasoil, however, fell at a slower pace than total imports.


Total imports and exports for the industrial fuel fell on week by 72% and 41%, respectively.


Imports from China declined for a second consecutive week, with Refinitiv Oil Research expecting the decline to continue for April loaders from China.


"The downward trend of gasoil outflow is caused by weakened export margins dragged down by higher inventory level in Europe," said the research firm.


On the jet fuel/kersosene front, imports declined significantly by 86% week on week on the lack of volumes from China. Exports for the aviation fuel were headed for Vietnam and the United States mostly.


Mar 29, Gasoil (in Total Total Net tonnes) imports exports exports AUSTRALIA 0 16639.277 16639.277 CAMBODIA 0 10701.734 10701.734 CHINA 44251.9605 0 -44251.96 05 INDIA 0 77.4595 77.4595 INDONESIA 0 36786.099 36786.099 KOREA, REP OF 60709.756 0 -60709.75 6 MALAYSIA 0.0167 96481.8453 96481.828 6 MYANMAR 0 27551.54 27551.54 NETHERLANDS 0 20895.23 20895.23 NEW ZEALAND 0 24667.081 24667.081 PHILIPPINES 0.013 40069.334 40069.321 THAILAND 0.015 9964.952 9964.937 TIMOR-LESTE 0 7385.183 7385.183 UNITED ARAB 0.021 0 -0.021 EMIRATES
UNITED STATES 0.0173 0 -0.0173 TOTAL 104961.7995 291219.7348 186257.93 53 WoW % change -72.26 -40.72 64.97


Mar 29, Jet fuel/kerosene Total Total Net (in tonnes) imports exports exports BELGIUM 0.071 0 -0.071 CANADA 0.002 0 -0.002 FRANCE 2.3019 0 -2.3019 GERMANY 0.3711 0 -0.3711 INDONESIA 0 1.01 1.01 MALAYSIA 5981.983 0.16 -5981.823 NEW ZEALAND 0 6164.075 6164.075 TAIWAN 0 0.0005 0.0005 UNITED STATES 0.0302 11013.116 11013.085 8 VIET NAM 0.002 20385.0936 20385.091 6 TOTAL 5984.7612 37563.4551 31578.693 9 WoW % change -86.98 -49.02 13.99
(Reporting by Trixie Yap; Editing by Shailesh Kuber)

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