Total onshore oil product stocks in Singapore fell to approximately 37.95 million barrels for the week ending July 29, down from 39.64 million barrels the previous week.
The drawdown marks the lowest inventory level recorded since mid-June, according to data from Enterprise Singapore.
The decline comes as global markets remain sensitive to the ongoing conflict in the Middle East, which continues to cast a shadow over energy trade routes and pricing sentiment.
The inventory drop suggests that demand for refined products in the Asia-Pacific hub remains resilient despite the geopolitical backdrop.
Singapore serves as a critical benchmark for global oil product flows, and sustained drawdowns often signal tightening regional supply conditions.
However, the pace of the decline has not yet triggered a sharp repricing in crude benchmarks, indicating that traders are balancing supply concerns against broader macroeconomic headwinds.