SINGAPORE: Singapore oil product inventories rose slightly over the week, government data showed on Thursday, led by higher clean distillate inventories.
Combined onshore oil product inventories at the key Asian fuel trading hub were at 38.49 million barrels in the week ended October 28, up 0.9 percent from the previous week, Enterprise Singapore data showed.
Traders are expecting more Northeast Asian exports of gasoil and diesel into November following a rare fourth batch of export quotas issued by China, as well as higher volumes from South Korea.
Middle distillate stocks inched up to around 8.5 million barrels versus 8.31 million barrels last week, despite rising net exports. Diesel and gasoil net exports more than quadrupled week-on-week as imports declined 62 percent, outweighing a 7 percent decline in exports.
Imports came only from China and Thailand. For jet fuel and kerosene, net exports rose twofold from last week due to a 14percent decline in imports.
Likewise for diesel and gasoil, more exports are slated to be shipped out from Northeast Asia into the year-end. Meanwhile, some rare exports to South America - Argentina and Mexico - emerged for both jet fuel and diesel in the week.
As for light distillates, inventories for naphtha and gasoline climbed to a two-week high of 11.304 million barrels in the week. Total naphtha imports fell about 14 percent week on week to around 105,000 metric tons (about 945,000 barrels), as no shipments from Russia or India arrived.
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