Singapore middle distillates stocks fall for 2nd week on higher jet fuel net exports

By Trixie Yap and Matthew Chye SINGAPORE, April 13 (Reuters) - Inventories of middle distillates such as gasoil and jet fuel/kerosene at key trading hub Singapore fell for a second consecutive week, tracking the higher net export volumes for jet fuel/kerosene, official data showed on Thursday. Stockpiles in the week of April 12 at onshore storage facilities were at 8.814 million barrels (1.183 million tonnes), down 2.2% week-on-week, the data from Enterprise Singapore added. The drop comes in line with the surge in net exports for jet fuel/kerosene. Total exports for the industrial and transportation fuel went up by 21.7% week-on-week, with volumes mostly heading to Australia and Vietnam. Imports on the other hand were minimal at 35 tonnes, compared with 36,722 tonnes a week earlier. However, a 28.9% week-on-week decrease in net export volumes for gasoil limited the overall inventory drawdowns, even though total imports fell at a quicker pace than total exports. Imports from Russia continued for a second consecutive week, although volumes were down week-on-week. There were no import volumes from China unlike the past few weeks, given better domestic sales netbacks for Chinese refiners. "Chinese refiners will continue to pivot gasoil supply in domestic market amid strengthened demand outlook in the second quarter," Refinitiv Oil Research said. At least three market sources were still expecting gasoil stocks to remain high as traders may accumulate more margins to roll over their cargoes if the prompt-forward month price differentials move into a steeper contango structure, where prompt prices are lower than forward prices.

April 12, Gasoil Total Total Net exports (in tonnes) imports exports
ARGENTINA 0.0201 0 -0.0201 AUSTRALIA 0 28931.566 28931.566 CHINA 0.0519 0 -0.0519 INDIA 0.033 0 -0.033 CAMBODIA 0 2443.367 2443.367 INDONESIA 0 20490.935 20490.935 KOREA, REP OF 35361.984 1.2 -35360.784 MALAYSIA 0 85010.442 85010.442 MOZAMBIQUE 0 22452.969 22452.969 MYANMAR 0 24371.779 24371.779 RUSSIA 27882.331 0 -27882.331 TAIWAN 0.004 0 -0.004 THAILAND 0.009 0 -0.009 UNITED ARAB 0.019 0 -0.019 EMIRATES
UNITED STATES 0.0027 21478.315 21478.3123 VIET NAM 0 21428.635 21428.635 TOTAL 63244.4547 226609.208 163364.7533

April 12, Jet fuel/kerosene Total Total Net exports (in tonnes) imports exports
AUSTRALIA 0 20720.053 20720.053 BELGIUM 11.5341 0 -11.5341 BRUNEI 0 0.35 0.35 FRANCE 11.7799 0 -11.7799 HONG KONG 0 0.003 0.003 KOREA, REP OF 0 0.03 0.03 MALAYSIA 0 2.72 2.72 NEW ZEALAND 0 0.019 0.019 SWEDEN 11.008 0 -11.008 TAIWAN 0 0.0022 0.0022 THAILAND 0.179 0 -0.179 UNITED STATES 0.0605 6367.782 6367.7215 VIET NAM 0 11253.7302 11253.7302 TOTAL 34.5615 38344.6894 38310.1279

(Reporting by Trixie Yap and Matthew Chye; Editing by Varun H K)

Reuters

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Singapore middle distillates stocks fall for 2nd week on higher jet fuel net exports

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