April 19, 2012 / 10:06 AM / in 6 years

UPDATE 1-Singapore fuel oil stocks drop to 13-week low

(Adds details)	
    SINGAPORE, April 19 (Reuters) - Singapore's fuel oil stocks
sank to a 13-week low in the week ended April 11, International
Enterprise data showed on Thursday, with inventories of middle
distillates and light distillates also registering a dip in
volume.  	
    	
    For a table of historical stock levels, see: 
 	
    Volumes are in thousands of barrels:   	
                               Change    Volume                 	
    GASOLINE, NAPHTHA STOCKS   -62       10,724  	
    GASOIL, JET STOCKS         -179      10,817  	
    FUEL OIL STOCKS            -4,284    16,394     	
    	
        MIDDLE DISTILLATES STOCKS STABLE 	
    - Gasoil and jet stocks remained stable, slipping about 1.7
percent from the previous week to 10.817 million barrels in the
week ended April 18, data from the IE showed.	
    - But the stocks could likely reduce further over the next
few weeks as spot demand emerges from Vietnam, the Philippines
and India.	
    - India's Bharat Petroleum Corp Ltd is seeking
40,000 tonnes of 350 ppm sulphur gasoil, while the Philippines'
Petron Corp and Vietnam's PV Oil are seeking up to
50,440 tonnes of 0.25 percent and 500 ppm sulphur gasoil for
delivery in May.	
    - Saudi Arabian Oil Co is also expected to
continue to import 500 ppm sulphur gasoil until the end of
summer, which could draw down stocks, traders said.	
    	
    * FUEL OIL STOCKS DOWN TO 13-WEEK LOW 	
    - Singapore onshore fuel oil inventories dropped 4.284
million barrels to 16.394 million barrels as arrivals from the
West remained thin. 	
    - Western arbitrage volumes that landed for the week ended
April 18 were slightly above 300,000 tonnes, bringing the
month's total to just 530,000 tonnes so far, IE data showed. 	
    - Domestic stocks were also drawn down by regional demand,
with about 115,000 tonnes shipped to Indonesia, 260,000 tonnes
to China and Hong Kong and 57,500 tonnes sent to New Caledonia.	
    	
    * LIGHTS DOWN TO THREE-WEEK LOW	
    - Singapore onshore light distillate stocks eased nearly 5.8
percent to a three-week low at 10.724 million barrels. 	
    - Vietnam and Indonesia drawing on gasoline from Singapore
tanks was the key reason behind the lower stocks. 	
    - Demand for gasoline could remain firm as summer driving
season in the U.S. could continue to draw on Indian barrels,
diverting these away from the Singapore market. 	
	
 (Reporting by Jasmin Choo, Jessica Jaganathan and Seng Li Peng;
Editing by Chris Lewis)

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