REFILE-Singapore fuel oil stockpiles extend climb while Nigeria inflows jump
SINGAPORE, July 3 (Reuters) - Onshore fuel oil stockpiles at Singapore rose for a second week as imports remained strong, led by a jump in Nigeria cargo inflows this week, data showed on Thursday.
Residual fuel inventories STKRS-SIN stood at 23.38 million barrels (about 3.68 million metric tons) in the week to July 2, up 3.9% from the previous week, based on Enterprise Singapore. O/SING1
Imports climbed above 850,000 tons, with the increase led by a surge in Nigerian fuel oil inflows, while Brazilian inflows also remained high.
Nigeria's Dangote refinery had been issuing some fuel oil tenders on a sporadic basis in the past months.
Meanwhile, exports out of onshore tanks were mostly headed for China, with volumes surging week-on-week to more than 194,000 tons.
China's Shandong government has raised fuel oil import tax rebates for selected independent refineries, a move likely to spur some recovery in demand.
Despite this, benchmarks for high-sulphur fuel oil have trended softer in recent trading sessions due to the high inventories in Singapore.
The spot market differential has fallen from a premium into a discount this week, pricing data showed. FUEL/A
Week to Jul. 3, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
BRAZIL | 177,806 | 0 | 177,806 |
CHINA | 0 | 194,830 | -194,830 |
HONG KONG | 0 | 57,956 | -57,956 |
INDIA | 33,528 | 123 | 33,405 |
INDONESIA | 46,166 | 0 | 46,166 |
JAPAN | 90,715 | 0 | 90,715 |
MALAYSIA | 135,383 | 221,094 | -85,711 |
NETHERLANDS | 44,962 | 0 | 44,962 |
NIGERIA | 261,751 | 0 | 261,751 |
PERU | 0 | 0 | 0 |
TAIWAN | 29,424 | 0 | 29,424 |
UNITED STATES | 34,865 | 0 | 34,865 |
TOTAL | 854,601 | 474,004 | 380,597 |
(Data from Enterprise Singapore)
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