Enterprise Singapore data show finished-product inventories in the week to Aug.
26 rebounded to a three-week high: onland crude stocks 39.18 mln bbl (+4.0%
WoW), fuel oil 19.24 mln bbl (+4.4% WoW) and middle distillates (diesel, jet) at
a two-week high. Higher stocks coincided with a 31.8% collapse in product
imports and a 6.5% drop in exports; Singapore remained a net exporter. Market
sources say rising expected arbitrage supply has begun to pressure spot fuel
premiums, and onshore product imports were slowed as some cargoes remain in
transit. Transshipments from India and similar origins are likely to stay low in
coming weeks as arbitrage margins west of the Suez favour those flows. Despite
unresolved Strait of Hormuz tensions, the data point to a marginal loosening in
Asian product spot fundamentals as east‑west spreads reshape cargo flows.
