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Singapore's middle distillates dip slightly amid surging exports

Singapore's middle distillates inventories fell marginally week-on-week as net exports of both gasoil and jet fuel/kerosene grew, official data showed on Thursday.

Gasoil and jet fuel/kerosene inventories at the key oil storage hub were at 10.422 million barrels in the week ended Nov. 22 from 10.423 MMbbl a week earlier, data from Enterprise Singapore showed.

Net exports of gasoil posted a week-on-week gain for the first time in two months.

Total gasoil exports rose by more than two times week-on-week. Most of these exports were directed towards other South-East Asian countries, including Malaysia, Myanmar and Indonesia.

On the other hand, total gasoil imports fell 16.8% week-on-week.

Singapore was also a net exporter of jet fuel/kerosene and net exports posted week-on-week gains after two consecutive weeks of declines. Both imports and exports grew by a substantial amount.

Total jet fuel/kerosene imports grew by more than 300 times week-on-week, primarily driven by imports from Malaysia.

Total jet fuel/kerosene exports expanded over sevenfold week-on-week, with the top destination being Australia.

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