International Enterprise's weekly inventory report for Singapore showed that total onshore inventories fell 303K bbl to 44.661MM bbl in the week to April 13. Middle distillates witnessed a large draw, although fuel oil stocks climbed 3.5 on the week. Over the long term, the Singaporean fuel oil market is expected to be structurally short due to lower Western arbitrage shipments. (Please see chart in May 2 issue.)
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