Gasoil arrivals from Tunisia emerged for the second time in a month, data showed on Thursday, even though total middle distillates stockpiles in key trading hub Singapore fell by 3.7% week-on-week as higher net exports of jet fuel/kerosene superseded lower net exports for gasoil, Reuters reported.
Inventories of gasoil and jet fuel/kerosene were at 7.687 million barrels (1.032 million metric tons) in the week ended July 5, falling from 7.98 million barrels a week ago, official data from Enterprise Singapore showed.
Around 59,123 tons of gasoil from Tunisia was recorded at commercial tank storage, with some market participants saying location swaps could have been likely.
There could have been some location swaps for these cargoes, said one analyst who declined to be named, given that the north African nation is typically a net importer with no excess spot cargoes for sale, according to Reuters.
A previous 49,685-ton cargo arrived in Singapore in the week of June 14, with shiptracking data Kpler and Vortexa showing Gulf Crystal as the carrier vessel.
There were no earlier records of Tunisia-origin gasoil landing in Singapore prior to 2023.
Imports were evident from Malaysia for the week as well.
On the gasoil export front, volumes were seen heading to various regional import regions again – although total export volumes fell by around 9.2% on week.
Looking ahead, steady Middle East-origin import volumes into Singapore could emerge again in July, according to trade sources and shiptracking data, given the better cash netbacks for sellers into Asia in most parts of first-half of June compared with northwest Europe.
Estimates were at 262,000 tons to 300,000 tons for July arrival into Singapore or offshore tanks around Singapore such as Pengerang, possibly hitting a one-year high milestone, with most cargoes likely from commercial shoretanks in the United Arab Emirates, Refinitiv and Vortexa shiptracking data showed.
Meanwhile, total exports for the week were brisker for jet fuel/kerosene – with volumes firming by around 46% week-on-week.
Most of these exports were bound for regional countries such as Vietnam and the Pacific.
