摩根大通：国际炼油-新加坡精炼产品库存下降约130万桶

Investment Rating - The report does not explicitly provide an investment rating for the industry [19]. Core Insights - Singapore's clean product inventories decreased by approximately 1.3 million barrels week-over-week, with middle distillates at 10,587 kbbls and light distillates at 14,189 kbbls, while fuel oil inventories increased to 17,585 kbbls [1][3]. - In the ARA region, gasoil inventories fell to 2,310 ktonnes, gasoline inventories rose to 1,092 ktonnes, and fuel oil inventories decreased to 1,235 ktonnes [1][4]. - Overall, total clean product inventories in both Singapore and ARA are within the middle of their seasonal ranges, indicating stable supply dynamics [1][4]. Summary by Sections Singapore Inventory Data - Middle distillates: This week at 10,587 kbbls, down from 10,742 kbbls last week, with a year-over-year increase of 1,032 kbbls [3]. - Light distillates: This week at 14,189 kbbls, down from 15,314 kbbls last week, with a year-over-year increase of 1,931 kbbls [3]. - Fuel oil: This week at 17,585 kbbls, up from 16,758 kbbls last week, but down from 17,974 kbbls a year ago [3]. ARA Inventory Data - Gasoil: This week at 2,310 ktonnes, down from 2,428 ktonnes last week, with a year-over-year increase of 483 ktonnes [4]. - Gasoline: This week at 1,092 ktonnes, up from 970 ktonnes last week, but down from 1,363 ktonnes a year ago [4]. - Fuel oil: This week at 1,235 ktonnes, down from 1,372 ktonnes last week, with a year-over-year increase of 158 ktonnes [4]. Crack Spreads - Singapore 321 crack spreads decreased week-over-week and are in the bottom half of the seasonal range, while European 321 crack spreads also decreased and are similarly positioned [1]. - Gasoline cracks fell week-over-week in both regions, while diesel cracks decreased in Singapore and remained flat in Europe [1].