Singapore and (ARA) Stock Movements - July 2015

Source: OPEC 8/9/2016, Location: Asia

At the end of May, product stocks in Singapore rose by 5.5 mb. At 57.9 mb, they were 10.1 mb, or 21.0%, above the same period a year ago. Within products, the picture was mixed, with middle distillates and fuel oil witnessing a build, and light distillate inventories experiencing drops.

Middle distillate stocks rose by 2.9 mb to end May at 11.9 mb, which was 1.5 mb, or 14.2%, above the same time the previous year. Residual fuel oil stocks also rose by 3.2 mb, the second consecutive monthly increase, to end May at 31.1 mb, which was 6.5 mb, or 26.5%, higher than the same time a year ago. This build came on the back of lower consumption, especially from the region’s power generation sector.

In contrast, light distillate stocks fell by 0.6 mb, ending May at 14.9 mb, which was 2.1 mb, or 16%, above the same time a year ago. The decline in light distillate stocks was mainly driven by higher gasoline demand in the Asia region. Product stocks in Amsterdam-Rotterdam-Antwerp (ARA) rose slightly by 0.3 mb to end May at 47.4 mb.

This reversed the fall of 2.9 mb in April. At this level, product stocks were 5.6 mb, or 13.3%, higher than the same time a year ago. Within products, the picture was mixed, with naphtha, fuel oil and jet oil seeing builds, and gasoline and gasoil showing stock draws.

Gasoil fell by 0.4 mb in May, ending the month at 24.0 mb, which was 2.6 mb, or 12.3%, above the same time the previous year. The decline in middle distillate stocks was mainly driven by higher arrivals to the region. Gasoline also fell by 0.8 mb to end May at 8.6 mb, which was 2.3 mb, or around 35%, above the same month the previous year. In contrast, fuel oil stocks rose by 1.1 mb to stand at 7.6 mb, which was 0.8 mb, or 11.6%, higher than a year ago. This build was mainly driven by higher exports from Asia along with lower bunker demand in the region.




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