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Singapore middle distillates stocks above 8 mln barrels on weaker net exports; Qatari gasoil emerges

By Trixie Yap and Matthew Chye

SINGAPORE, June 8 (Reuters) - Middle distillates stock levels at key trading hub Singapore rose to above 8 million barrels on lower overall net export volumes, with gasoil imports emerging from Qatar, official data showed on Thursday.

Inventories of gasoil and jet fuel/kerosene were at 8.487 million barrels (1.139 million tonnes) in the week ended June 8, up from 7.829 million barrels a week ago, Enterprise Singapore data showed.

Net export volumes for gasoil fell by 21% on week, while net export volumes for jet fuel/kerosene decreased by 84% on week.

On the gasoil front, total imports rose by more than 60% on week superseding the 20% rose in total export volumes.

Imports from Qatar emerged for the first time in the past year, following earlier import volumes from Saudi Arabia.

One market source attributed it to the better selling economics to Asia compared with other regions.

"Middle Eastern cargoes are also pushed towards Asia due to persistently sluggish European demand," said Refinitiv Oil Research.

The volume is likely a gas-to-liquid diesel cargo, with oil major Shell as the charterer, according to shiptracking data from Refinitiv.

Below are the top import contributor countries for gasoil in the week and their respective volumes (in tonnes):

Exports of gasoil to the Netherlands continued for the third consecutive week, the data showed, but most export cargoes were still heading to regional areas such as southeast Asia or the Pacific.

Separately, jet fuel/kerosene total imports and exports were minimal for the week.

Around 6,300 tonnes of material was exported to Vietnam.

(Reporting by Trixie Yap and Matthew Chye; Editing by Nivedita Bhattacharjee)