Oil Tightens, China Stalls, and Singapore Plays Its Cards

Singapore's oil product stockpiles have cratered to their lowest since mid-June — 37.95 million barrels as of July 29, down from 39.64 million a week earlier — as the Middle East conflict keeps shipping risks elevated at both the Bab el-Mandeb and the Hormuz Strait. Residual fuel oil inventories hit a six-week low, middle distillates slipped to a two-month trough, and the fuel oil market is deeply backwardated — meaning prompt supply costs more than future...