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Singapore's middle distillates stocks dip slightly as net exports surge

(Reuters) - Singapore's middle distillates inventories slipped by 4% from last week as net exports of diesel/gasoil and jet fuel/kerosene surged, official data showed on Thursday.

Inventories of gasoil/diesel and jet fuel/kerosene at the key oil storage hub fell to 10.349 million barrels from 10.787 million barrels a week ago, data from Enterprise Singapore showed. O/SING1

Net exports of diesel/gasoil rose more than tenfold during this period given a 66% drop in total imports, although total exports only fell by 6% week-on-week.

Volumes from China and South Korea remained prominent, in line with earlier expectations, limiting the overall weakness in total imports for the week.

Market expectations were mixed for April arrivals into Singapore, since China volumes could slow down as oil majors keep more cargoes for local consumption ahead of peak seasonal demand - though South Korean refiners are offering more spot lots for April sales compared to March.

South Korean refiners have offered a total of 17 spot 10ppm sulfur gasoil cargoes, the highest this year so far - though it remains unclear if all these volumes can be headed to southeast Asia.

Meanwhile, diesel/gasoil exports to Australia hit its highest for 2024 so far, limiting the overall drop in net exports.

Volumes were also prominent to other regional destinations such as Indonesia, Malaysia and Myanmar.

Exports to France also emerged this week, but trade sources said it is likely to be biofuels.

On the jet fuel/kerosene front, net exports grew by 7% week-on-week as total imports dipped by 99% - China-origin import cargoes were absent for the week.

Total exports on the other hand fell by around 41% for the period.

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