North America Equity Research 10 October 2024 J P M O R G A N International Refining Singapore Clean Product Inventories Down ~1.3mmbbls w/w Singapore and ARA product inventory data were recently released. Middle distillates in Singapore drew w/w to 10,587kbbls (10,742 kbbls last week), in the middle of the seasonal range. Light distillates drew to 14,189 kbbls (15,314 kbbls last week), in the top half of the seasonal range. Fuel oil inventories built to 17,585 kbbls (16,758 kbbls last week), below seasonal ...