Singapore fuel oil inventories steady, net imports highest since February

Singapore’s residual fuel oil inventories were virtually unchanged in the week ended June 10, holding at a three-week high despite elevated net import volumes, official data showed.

– Onshore fuel oil stocks crept up by 2,000 barrels, about 300 tonnes, to 25.687 million barrels, or 4.045 million tonnes in the week to June 10, data from Enterprise Singapore showed. O/SING

– Residual fuel stocks came in 8% higher from a year-ago period, and were nearing a more than one-year high of 26.172 million barrels, or 4.122 million tonnes, in the week to May 20.

– Net import volumes climbed 10% to a near four-month high of 1.048 million tonnes in the week to Wednesday and were above the 2020 weekly average of 706,000 tonnes. Weekly figures, however, were volatile.

– Firm residual fuel output, falling exports to China and persistently sluggish spot bunker fuel demand in the Singapore hub contributed to the elevated stock levels, trade sources said.

– For the week, most of Singapore’s net fuel oil exports sailed to China at 42,000 tonnes, followed by 19,000 tonnes to Bangladesh and 8,000 tonnes to Sri Lanka.

– The largest net imports into Singapore were Malaysia’s 541,000 tonnes, followed by Iraq with 163,000 tonnes, the United States with 104,000 tonnes and Taiwan with 85,000 tonnes.

– Singapore fuel oil imports from the United States were at a more than 10-month high while imports from Iraq were at a four-month high.
Source: Reuters (Reporting by Roslan Khasawneh; Editing by Shailesh Kuber)

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