Singapore’s residual fuel oil inventories slipped by 1.4% to a two-week low in the week ended Oct. 21 amid limited net import volumes and a jump in unusual exports to Saudi Arabia, official data showed on Thursday.
The lower stockpiles, which snapped five straight weeks of inventory build-up previously, also came amid steady demand for marine fuels in the Singapore bunkering hub, trade sources said.
Onshore fuel oil stocks fell by 335,000 barrels, or about 53,000 tonnes, to 24.317 million barrels, or 3.829 million tonnes, according to the Enterprise Singapore (ESG) data.
Residual fuel stocks were up 17% from last year.
Net import volumes fell to a two-week low of 498,000 tonnes in the week ended Oct. 21, below the 2020 weekly average of 665,000 tonnes. Weekly figures, however, were volatile.
Most of Singapore’s fuel oil exports went to Saudi Arabia at 152,000 tonnes, the second highest on record, followed by 98,000 tonnes to South Korea and 18,000 tonnes to Bangladesh.
Singapore exports of fuel oil to Saudi hit a record high of 418,000 tonnes in the week ended Sept. 17, ESG data showed, after the Kingdom ramped up unusual imports from the city-state to meet power generation demand during the hot summer months.
The largest imports into Singapore were from Malaysia at 401,000 tonnes, followed by Iraq with 97,000 tonnes, Brazil with 83,000 tonnes and Japan 72,000 tonnes.
Source: Reuters (Reporting by Roslan Khasawneh; Editing by Sherry Jacob-Phillips)