NEW DELHI, Nov 11 (Reuters) - Stockpiles of middle and light distillates in Asia's oil hub Singapore slipped for the second straight week to multi-year lows, after exports from China and India fell while the region's fuel demand climbed as pandemic restrictions ease, official data showed on Thursday.
Middle distillates stocks dropped by 460,000 barrels to 9.139 million barrels in the week to Nov. 10, the lowest in over three years, while light distillates stockpiles declined by 515,000 barrels to 9.853 million barrels, a more than two-year low, Enterprise Singapore data showed.
The decline follows a global drop in oil inventories as more countries ease COVID-19 restrictions which lifted demand and boosted Asia refiners' margins.
Consumption of oil for power generation has also risen as utilities and industries switch fuel after coal and natural gas prices hit record levels. read more
"China is cutting diesel exports amidst its domestic demand surge, whilst import appetites from Australia and Southeast Asia have been on the rise," said Serena Huang, an analyst at consultancy Vortexa.
On this current trajectory, Asia's diesel tightness is expected to linger, Huang added.
A rise in Singapore's exports of Aviation Turbine Fuel (ATF), or jet fuel, contributed to the decline in middle distillates stocks, the data showed.
ATF exports rose to 74,087 tonnes (barrels) last week from 66,294 tonnes in the prior week as more oil headed to Australia while Bangladesh, Malaysia and Hong Kong also imported some volumes.
Reporting by Mohi Narayan; Editing by Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.
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