Enterprise Singapore's weekly inventory report showed that total onshore inventories in the country declined by 360K bbl to 55.491MM bbl over the week ending June 24 due to drawdowns across all product categories, as can be seen in the following chart. Nevertheless, the collective product stockpile was 9.080MM bbl larger on the year. Light-distillate inventories (mosdy comprised of gasoline and gasoline-blending components) posted the sharpest week-on-week decline of 292K bbl but grew by 2.714MM bbl on the year. Gasoline from the Netherlands arrived during the week ending June 24 after shipments came in from the US and Norway during the previous week. The product is typically only sent to Singapore from the US and Europe during times of poor demand in the West or when fuel has been found to be off-spec for those regions. Middle-distillate stocks contracted by 34K bbl, but they were higher on the year by 2.607MM bbl.
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