Singapore fuel oil stockpiles at four-week highs
SINGAPORE, May 29 (Reuters) - Onshore fuel oil stockpiles at key trading hub Singapore recovered to their highest in four weeks despite lower imports being recorded, data showed on Thursday.
Residual fuel inventories STKRS-SIN were at 22.34 million barrels (about 3.52 million metric tons) in the week to May 28, up 3.9% week-on-week, Enterprise Singapore data showed. O/SING1
Bunker demand has been largely tepid, according to several trade sources, which limited inventory drawdowns.
Fuel oil imports into onshore tanks fell 18% from the previous week to 686,000 tons, with most imports hailing from Russia.
Meanwhile, total fuel oil exports rose 7% to more than 331,000 tons. Most volumes were headed for China, excluding regional storage hub Malaysia.
Asia remains amply supplied this month, with arrivals in May totalling about 5.5 million tons and climbing from April, according to LSEG Oil Research.
Singapore spot differentials for low-sulphur fuel oil have softened this week, while high-sulphur fuel oil differentials recovered slightly. FUEL/A
Week to May. 28, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AUSTRALIA | 82,716 | 0 | 82,716 |
BANGLADESH | 0 | 20,053 | -20,053 |
CHINA | 0 | 69,048 | -69,048 |
CONGO | 73,832 | 0 | 73,832 |
INDIA | 0 | 180 | -180 |
INDONESIA | 30,417 | 0 | 30,417 |
KOREA | 55 | 0 | 55 |
KUWAIT | 55,411 | 0 | 55,411 |
MALAYSIA | 109,379 | 242,101 | -132,721 |
NEPAL | 0 | 19 | -19 |
NETHERLANDS | 2,088 | 0 | 2,088 |
NIGERIA | 78,921 | 0 | 78,921 |
RUSSIA | 238,714 | 0 | 238,714 |
VIETNAM | 14,911 | 0 | 14,911 |
TOTAL | 686,443 | 331,402 | 355,042 |
(Data from Enterprise Singapore)
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