Singapore fuel oil stockpiles dip further but holds above 25 million barrels
SINGAPORE, Sept 18 (Reuters) - Onshore fuel oil stockpiles in Singapore eased for a second consecutive week but held above 25 million barrels, averaging higher month-on-month, official data showed on Thursday.
Inventories for residual fuels STKRS-SIN fell to 25.41 million barrels (about 4 million metric tons) in the week to September 17, logging a three-week low and down 4.2% from the previous week, showed Enterprise Singapore data. O/SING1
Imports totalled about 600,000 tons during the week, sliding 20% week-on-week. Most of the inflows came from neighbouring storage hub Malaysia.
Meanwhile, exports from the storage tanks totalled about 265,000 tons, up 64% week-on-week, with most volumes bound for Hong Kong.
Spot differentials for low-sulphur fuel oil recovered in recent sessions, flipping from discounts to premiums. FUEL/A
Total supply to Asia may dip slightly this month amid softer western arbitrage arrivals, according to LSEG Oil Research.
Week to Sept. 17, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AUSTRALIA | 0 | 45,556 | -45,556 |
AZERBAIJAN | 17,489 | 0 | 17,489 |
CONGO | 25,751 | 0 | 25,751 |
HONG KONG | 0 | 79,510 | -79,510 |
INDIA | 0 | 92 | -92 |
INDONESIA | 75,630 | 0 | 75,630 |
JAPAN | 14,578 | 0 | 14,578 |
KOREA | 4,470 | 0 | 4,470 |
MALAYSIA | 254,207 | 86,336 | 167,871 |
NETHERLANDS | 68,421 | 0 | 68,421 |
PHILIPPINES | 0 | 17,948 | -17,948 |
SAUDI ARABIA | 33,698 | 0 | 33,698 |
SOUTH SUDAN | 29,957 | 0 | 29,957 |
SUDAN | 15,023 | 0 | 15,023 |
THAILAND | 0 | 35,977 | -35,977 |
UNITED STATES | 56,002 | 0 | 56,002 |
TOTAL | 595,226 | 265,419 | 329,807 |
(Data from Enterprise Singapore)
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