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Singapore's onshore stocks of residues decreased by 17 percent in the nine days up to Wednesday 9th February, according to data released by International Enterprise (IE) Singapore - an agency under the Ministry of Trade and Industry.

Stockpiles of residues, which includes fuel oil and low-sulphur waxy residue and excludes bitumen, fell by 3.3 million barrels to 15.8 million barrels in a comparison with the five days ended Monday 31st January.

The stock decline was the largest since a 3.8 million slide recorded in the week to 9th September 2009.

The government agency released data on 1st February for the five-day period ended 31st January because of the Lunar New Year holidays on 3rd and 4th February. Normally the inventory data covers a seven-day period ending on Wednesday.

Stocks of middle distillates such as kerosene and gasoil climbed 16 percent to 13.7 million barrels in the nine days up to Wednesday 9th February. Light distillates, a category which includes naphtha, gasoline and reformate, rose 16 percent to 10.9 million barrels.

Refiners, oil companies and storage terminals are surveyed by the trade ministry on a voluntary basis. The results may exclude some offshore storage capacity, International Enterprise said.