Singapore’s oil product inventories slump to near 13-year low
“Inventories are being drawn down, key hubs are nearing operational minimums, and geopolitical risks around the Strait of Hormuz remain unresolved.” — James Noel-Beswick, Head of Commodities at Sparta Commodities
- Expert: Sparta Commodities analysts
- Publication: Reuters
- Market Focus: Fuel Oil, Distillates, Singapore Inventories
- Geographies: Singapore, Asia, Middle East
In a recent analysis for Reuters, Sparta Commodities analysts flagged that the current stability in Singapore product flows is built on temporary foundations, with U.S. exports and vessel repositioning masking a worsening inventory picture across key Asian hubs. Combined onshore stocks fell to 34.41 million barrels — the lowest since July 2013 — while residual fuel stocks dropped to 14.84 million barrels, the lowest in nearly eight years, with no increase in volumes from the Middle East. Net imports of heavy distillates fell 36.3% week-on-week, and Sparta noted that geopolitical risks around the Strait of Hormuz remain unresolved. Traders should watch whether incoming Western supply replenishments can offset continued drawdowns before operational minimums are breached.
Read the full article in Reuters
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