Singapore’s middle distillate stocks rose to 10.1 million barrels, up from 9.8 million barrels the previous week. This increase, the highest in three months, comes amid a decline in net exports of gasoil and jet fuel, according to data released by government agency Enterprise Singapore.
Asian imports drive inventory build-up
The rise in inventories was largely attributed to a fivefold increase in weekly imports, mainly from South Korea, Japan and Malaysia. Cargoes from Northeast Asia are expected to dominate incoming volumes for the rest of October, according to shiptracking data from London Stock Exchange Group (LSEG) and Kpler. Additional shipments from India are also expected to arrive in Singapore in the coming weeks.
While imports surged, gasoil exports dropped by approximately 60% from the previous week. Net exports remained down despite a modest 23% week-on-week increase in total outbound volumes.
Regional trade flows shape market dynamics
Main export destinations included Malaysia, Sri Lanka and Australia. For jet fuel, arrivals from China significantly impacted the weekly balance, causing a 41% decline in net exports. Total exports still increased by 51%, supported by strong flows to Australia and Vietnam.
Shipments to Europe and the United States consisted mainly of sustainable aviation fuel, according to Kpler data. Market observers are closely monitoring these flows to assess the impact of Asian exports on global gasoil and kerosene prices.