Singapore fuel oil stockpiles dip but hold above 21 million barrels

ReutersApr 3, 2025 8:42 AM

SINGAPORE, April 3 (Reuters) - Singapore's onshore fuel oil stockpiles dropped slightly this week but remained above 21 million barrels, a level higher than typical averages, data showed on Thursday.

Residue inventories STKRS-SIN were at 21.17 million barrels (about 3.33 million metric tons) in the week to April 2, down 2.5% from the previous week, showed Enterprise Singapore data. O/SING1

The decline in inventories came as net imports fell week on week, totalling about 295,000 tons.

The Middle East continued to be the key supplier just like the previous week, with Iraq and the United Arab Emirates as the top exporters to Singapore this week.

Asia received an influx of supplies in March, weighing on fuel oil benchmarks into April.

Spot differentials for 380-cst high-sulphur fuel oil have flipped into a discount in Asia this week, after holding in premiums for nearly a year. FUEL/A

Meanwhile, most of Singapore's fuel oil outflows were headed to China, Hong Kong and Sri Lanka in the week to April 2, showed Enterprise Singapore data.

Week to Apr. 2, Fuel oil (in metric tons)	Total Imports	Total Exports	Net Imports
AUSTRALIA	14,672	3,163	11,510
BAHRAIN	58,577	0	58,577
BRAZIL	4,998	0	4,998
CHINA	0	81,432	-81,432
HONG KONG	0	64,984	-64,984
INDIA	54,279	0	54,279
INDONESIA	60,259	0	60,259
IRAQ	82,066	0	82,066
MALAYSIA	17,355	39,186	-21,831
MEXICO	58,553	0	58,553
NEPAL	0	43	-43
NETHERLANDS	48,612	0	48,612
NEW ZEALAND	0	18,290	-18,290
PAKISTAN	0	0	0
PHILIPPINES	0	11,986	-11,986
SAUDI ARABIA	29,032	0	29,032
SRI LANKA	0	28,481	-28,481
TAIWAN	53,430	0	53,430
UNITED ARAB EMIRATES	63,089	2,500	60,590
TOTAL	544,923	250,065	294,858

(Data from Enterprise Singapore)

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