Singapore fuel oil stockpiles climb to over six-month highs
SINGAPORE, July 10 (Reuters) - Onshore fuel oil stockpiles in Singapore extended gains for a third week, hitting their highest in more than six months, data showed on Thursday.
Residual fuel inventories STKRS-SIN rose to 24.71 million barrels (about 3.89 million metric tons) in the week to July 9, up 5.7% from the previous week, according to Enterprise Singapore data. O/SING1
The uptick was supported by stronger imports, which exceeded 1 million tons in the week, up 23% week-on-week.
Top origins for imports included Brazil and the United States, excluding inter-regional movements from storage hub Malaysia.
Meanwhile, fuel oil exports out of Singapore tanks continued heading mostly to China due to higher demand from importers following a recent slide in high-sulphur cracks.
Persistently high inventories for fuel oil have weighed on price benchmarks in recent weeks.
The spot market differential for high-sulphur fuel remained steadily in discounts, while the differential for low-sulphur fuel has been logging smaller premiums recently. FUEL/A
Week to Jul. 9, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
BANGLADESH | 0 | 40,045 | -40,045 |
BELGIUM | 1 | 0 | 1 |
BRAZIL | 210,338 | 0 | 210,338 |
CHINA | 0 | 179,509 | -179,509 |
GERMANY | 0 | 0 | 0 |
INDIA | 34,254 | 0 | 34,254 |
INDONESIA | 35,881 | 0 | 35,881 |
IRAQ | 50,000 | 0 | 50,000 |
JAPAN | 40,265 | 0 | 40,265 |
KOREA | 4,007 | 0 | 4,007 |
MALAYSIA | 216,426 | 254,783 | -38,356 |
MEXICO | 10,998 | 0 | 10,998 |
NETHERLANDS | 3,152 | 0 | 3,152 |
NIGERIA | 70,685 | 0 | 70,685 |
RUSSIA | 71,917 | 0 | 71,917 |
SENEGAL | 17,314 | 0 | 17,314 |
SRI LANKA | 0 | 5,034 | -5,034 |
SUDAN | 17,400 | 0 | 17,400 |
TAIWAN | 31,516 | 0 | 31,516 |
THAILAND | 35,748 | 0 | 35,748 |
UNITED ARAB EMIRATES | 65,335 | 0 | 65,335 |
UNITED KINGDOM | 372 | 0 | 372 |
UNITED STATES | 131,463 | 0 | 131,463 |
TOTAL | 1,047,072 | 479,370 | 567,702 |
(Data from Enterprise Singapore)
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