Singapore fuel oil stockpiles extend slide to 7-week lows

ReutersMay 8, 2025 8:21 AM

SINGAPORE, May 8 (Reuters) - Onshore fuel oil stockpiles at key trading hub Singapore slipped further, hitting their lowest in seven weeks, as exports jumped and imports fell, data showed on Thursday.

Residual fuel inventories STKRS-SIN were at 20.54 million barrels (about 3.24 million metric tons) in the week to May 7, based on Enterprise Singapore data. O/SING1

Total exports out of the tanks more than quadrupled week-on-week to about 488,000 tons, calculations based on the data showed, with China as the top destination.

Meanwhile, total imports into the tanks fell by around 80% week-on-week at nearly 646,000 tons. The top supplier country for the week was Iraq.

Asia continues to receive strong volumes of high-sulphur fuel oil from the Middle East over recent weeks, trade sources said.

Despite the weekly decline in onshore inventories, the region remains plentifully supplied, sources said.

This has weighed on spot differentials particularly for high-sulphur fuel oil, which have sunken into discounts to cargo quotes. Meanwhile, spot differentials for low-sulphur fuel oil held rangebound this week. FUEL/A

Week to May. 7, Fuel oil (in metric tons)	Total Imports	Total Exports	Net Imports
AUSTRALIA	0	27,505	-27,505
BANGLADESH	0	20,788	-20,788
BRAZIL	112,193	0	112,193
CHINA	0	153,389	-153,389
INDIA	42,438	176	42,262
INDONESIA	69,389	0	69,389
IRAQ	166,502	0	166,502
JAPAN	89,273	0	89,273
KOREA	0	42,554	-42,554
MALAYSIA	21,804	127,592	-105,788
NETHERLANDS	7,997	0	7,997
NEW CALEDONIA	0	54,975	-54,975
NEW ZEALAND	0	20,045	-20,045
NIGERIA	61,403	0	61,403
PHILIPPINES	0	40,874	-40,874
TAIWAN	52,052	0	52,052
UNITED ARAB EMIRATES	22,291	0	22,291
UNITED STATES	0	0	0
TOTAL	645,342	487,898	157,444

(Data from Enterprise Singapore)

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