MOSCOW (MRC) -- Singapore's middle distillates stockpiles were little changed as an uptick in weekly imports for both gasoil and jet fuel/kerosene capped drawdowns, said Hydrocarbonprocessing.
Gasoil and jet fuel/kerosene volumes stored at key trading hub Singapore dipped 1.2% to 7 million barrels (0.94 million metric tons) in the week ended Aug. 9, official data from Enterprise Singapore showed. On the gasoil front, total imports more than tripled from the previous week, led by an influx of 40,915 metric tons from Korea.
Still, gasoil exports fell 79% week-on-week to 78,122 metric tons. For jet fuel/kerosene, total imports jumped to 114,598 metric tons.
Most of the imports came from China, rising to 32,272 metric tons, in line with earlier expectations that the export margins of the world's second-largest economy would improve.
Similar to gasoil exports, jet fuel/kerosene exports also dropped by roughly 75% to 20,051 tons.
However, Chinese exports are likely to be capped going ahead, according to Refinitiv Oil Research.
Export volumes from China are expected to fall to about 650,000 million metric tons for August, partly due to the lack of export quotas, and as domestic demand is expected to strengthen going into September and October, said Refinitiv in a weekly report.
Supplies within Asia are also set to tighten amid a series of planned and unplanned refinery shutdowns taking place across the region, including in South Korea, Malaysia and Vietnam, the analysts added.
We remind, Most Russian fuel exports from the Baltic and Black Sea regions are now pricing above a price cap set in February by a G7-led coalition designed to limit Moscow's revenues in the aftermath of its invasion of Ukraine.
The rise in Russian fuel prices comes as global prices for fuels from other origins soar amid strong demand and low inventory levels.