Singapore and ARA Stock Movements - September 2016

At the end of July, products stocks in Singapore rose by 4.8 mb, reversing the fall of last month. At 55.2 mb, they were 3.4 mb, or 6.6%, above the same period a year ago. Within products, all products experienced a build.

Residual fuel oil stocks rose by 1.1 mb, reversing the drop of last month and ending July at 26.6 mb. At this level, they were 0.5 mb, or 1.8%, less than at the same time a year ago. The build in fuel oil stocks could be attributed to lower marine bunker demand in the region. Light distillate stocks also rose by 2.2 mb, ending the month of July at 15.3 mb, which was 3.4 mb, or 28.8%, above the same time a year ago. Middle distillate stocks also rose by 1.6 mb to end July at 26.6 mb, which was 0.5 mb, or 3.8%, above the previous year at the same time. The build was driven by lower diesel export to the region.

Products stocks in Amsterdam-Rotterdam-Antwerp (ARA) rose slightly by 0.3 mb to end July at 47.5 mb. At this level, products stocks were 0.9 mb, or 1.8%, higher than at the same time a year ago. Within products, the picture was mixed: gasoil and jet oil saw builds, while fuel oil showed a stock draw. Gasoline remained flat versus last month.

Gasoline stocks were unchanged ending July at 10.5 mb. At this level, they were 1.0 mb, or 10.6%, above the previous year at the same time. Fuel oil stocks fell by 1.8 mb in July to stand at 5.4 mb, which was 0.4 mb, or 7.5%, lower than the same period a year ago. This fall was mainly driven by higher marine bunker demand in the region. In contrast, gasoil inventories rose by 1.0 mb ending July at 24.1 mb, which was 0.5 mb, or around 2.2%, above the same month the previous year.