Singapore saw its fuel stockpiles slump to hit multi-year lows as supply dell while demand climbed upon pandemic restriction eased.
On Thursday, official data showed that the inventories of middle distillates tumbled by 460,000 barrels in the week to November 10 to 9.139 million barrels. It was the lowest level in more than three years.
Light distillate inventories dipped by 515,000 barrels to 9.853 million barrels, more than a two-year low.
The fall was attributed to several factors. The decrease in diesel exports from China amid its domestic demand surge, the global drop in oil inventories, and the rise of oil in power generations are some of the most prominent reasons.
Especially for the middle distillates, the decline was affected by the increase in Singapore's exports of Aviation Turbine Fuel (ATF) or jet fuel. The country shipped 74,087 tonnes (barrels) in the period, compared to 66,294 tonnes in the previous week. More Singaporean ATF was sent to Australia, with Bangladesh, Malaysia, and Hong Kong also imported some volumes.
