A rise in total jet fuel imports come as volumes from both China and India increase
SINGAPORE turned into a net importer of jet fuel/kerosene despite inventories of middle distillates declining for the second straight week to slightly below 9.5 million barrels, official data showed on Thursday (Oct 17).
Stock levels of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore were at 9.303 million barrels for the week ended Oct 16, down from 10.587 million barrels in the previous week, data from Enterprise Singapore showed.
Net exports for diesel/gasoil fell by slightly more than 1 per cent, while the city-state turned into a net importer of jet fuel/kerosene.
Gains in total jet fuel/kerosene imports were attributed to a swell-up in volumes from both China and India, which were in line with earlier market expectations as fuel distributors in Singapore sought to cover their requirements as refinery maintenance cut production.
Imports for November could remain elevated as buyers in this region are still short of cargoes, with current East-West price spreads favouring the east of Suez markets more, two Singapore-based trade sources said.
This comes against a backdrop of steady exports from China’s key export sale majors, with November-loading volumes currently estimated by analysts at 1.7 million to 1.8 million tonnes.
Total exports of the aviation and heating fuel fell by more than 30 per cent, with majority volumes heading to Indonesia where there are some production limitations.
On the diesel/gasoil front, total imports climbed at a quicker pace than total exports for the week.
Imports from South Korea and Thailand were the key contributors.
Export-wise, diesel volumes to Indonesia and Malaysia were most prevalent. These flows are likely to continue for the second half of this month given the various buying activities from importers in the region.
Source: Business Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
