Singapore’s residual fuel oil inventories fell 9% to a four-month low in the week to Aug. 26 as net import volumes halved from the previous week, official data showed on Thursday.
Onshore fuel oil stocks fell 2.354 million barrels, or about 371,000 tonnes, to 23.131 million barrels, or 3.643 million tonnes, according to Enterprise Singapore data.
The last time inventories were lower was in the week to April 29 at 22.204 million barrels, or 3.497 million tonnes.
Compared to levels a year ago, residual fuel stocks were 8% higher.
The lower inventories came amid a 51% drop in net import volumes, which fell to a two-week low of 413,000 tonnes in the week to Aug. 26, the data showed.
Weekly figures are volatile. Weekly net imports have averaged 677,000 tonnes so far in 2020.
Although having improved from a low at the end of the second quarter, bunker demand in the Singapore hub was sluggish over the past week, trade sources said.
Most of Singapore’s fuel oil net exports went to Bangladesh at 69,000 tonnes, followed by 36,000 tonnes to Guam and 15,000 tonnes to Sri Lanka.
The largest net imports into Singapore were from Malaysia at 186,000 tonnes, followed by United Arab Emirates at 153,000 tonnes, a 10-week high, Iraq at 82,000 tonnes and Algeria at 43,000 tonnes.
Source: Reuters (Reporting by Roslan Khasawneh; Editing by Tom Hogue)