MRC -- Singapore's middle distillates inventories fell marginally week-on-week as net exports of both gasoil and jet fuel/kerosene grew, said Hydrocarbonprocessing.
Gasoil and jet fuel/kerosene inventories at the key oil storage hub were at 10.422 million barrels in the week ended Nov. 22 from 10.423 MMbbl a week earlier, data from Enterprise Singapore showed. Net exports of gasoil posted a week-on-week gain for the first time in two months.
Total gasoil exports rose by more than two times week-on-week. Most of these exports were directed towards other South-East Asian countries, including Malaysia, Myanmar and Indonesia. On the other hand, total gasoil imports fell 16.8% week-on-week.
Singapore was also a net exporter of jet fuel/kerosene and net exports posted week-on-week gains after two consecutive weeks of declines. Both imports and exports grew by a substantial amount. Total jet fuel/kerosene imports grew by more than 300 times week-on-week, primarily driven by imports from Malaysia.
Total jet fuel/kerosene exports expanded over sevenfold week-on-week, with the top destination being Australia.
We remind, China's oil demand growth is likely to ease in the first half of 2024 to around 4%, according to consultancies, with resurgent consumption from the aviation and petrochemical sectors offset by weaker diesel usage due to an ongoing property sector crunch. Slowing demand growth for the world's biggest oil importer comes amid what remains an uncertain outlook for the Chinese economy and as travel patterns normalise following the post-COVID rebound earlier in the year.