Singapore Distillates Inventories Climb To Nearly 10 Million Barrels Despite Export Activity

Singapore’s distillates stockpiles have climbed to almost 10 million barrels, according to official data from Enterprise Singapore. The rise comes even as net exports of gasoil and jet fuel continued, highlighting the strength of import inflows from regional suppliers such as South Korea, Malaysia, and Japan. The increase underscores Singapore’s role as a critical storage and trading hub for refined products in Asia.  

Inventories of gasoil and jet fuel/kerosene reached levels not seen in months, with total volumes reported at around 10.1 million barrels compared to 9.8 million barrels a week earlier. Analysts note that the build reflects both weaker export volumes and stronger import arrivals, reshaping weekly balances.  

Key highlights from the announcement include  

• Middle distillates inventories rose to nearly 10 million barrels, a three-month high.  
• Net exports of gasoil fell sharply, dropping around 40–54% compared to the previous week.  
• Imports surged nearly fivefold, with South Korea, Malaysia, and Japan contributing significantly to inflows.  
• Jet fuel and kerosene stocks also rose, reflecting softer export demand and steady regional consumption.  
• The build in inventories comes despite Singapore’s continued role as a net exporter of refined products.  
• Market watchers suggest the rise in stocks could weigh on regional refining margins in the short term.  
• Singapore remains a key hub for balancing Asia’s refined product flows, with weekly inventory swings closely monitored by traders and refiners.  
   

Sources: World Ports Organization, Nasdaq/Reuters, IEA Oil Market Report – November 2025.