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Singapore's onshore stocks of residues rose by 3 percent in the seven days up to Wednesday 29th December, according to data from the Ministry of Trade and Industry.

Stockpiles of residues, which includes fuel oil and low-sulphur waxy residue and excludes bitumen, increased to 21.6 million barrels in a comparison with the previous week, International Enterprise (IE) Singapore - an agency under the Ministry of Trade and Industry said. Last week's figure had been the lowest in three weeks.

Inventories of middle distillates such as kerosene and gasoil rose by 1.1 percent to 13.5 million barrels. Light distillates, a category which includes naphtha, gasoline and reformate declined by 13 percent to 9.2 million barrels, the lowest level in seven weeks.