Singapore fuel oil stockpiles drop to two-week low
SINGAPORE, Oct 9 (Reuters) - Onshore fuel oil stockpiles in Singapore retreated to a two-week low after imports fell, official data showed on Thursday.
Inventories for residual fuels STKRS-SIN fell to 23.67 million barrels (about 3.73 million metric tons) in the week to October 8, down 3.6% from the previous week, Enterprise Singapore data showed. O/SING1
Fuel oil imports totalled about 600,000 metric tons, down nearly 50% week-on-week. The United Arab Emirates was the top supply origin, followed by Bahrain and Brazil.
Meanwhile, exports dipped about 47% to 289,000 tons, with volumes mostly heading to South Korea, Sri Lanka and Bangladesh.
Despite a drawdown in the inventories, fuel oil markets remain pressured in lukewarm demand and ample supply.
Spot differentials for both high-sulphur and low-sulphur fuel oil were holding in discounts this week, pricing data showed. FUEL/A
Week to Oct. 8, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AZERBAIJAN | 795 | 0 | 795 |
BAHRAIN | 82,561 | 0 | 82,561 |
BANGLADESH | 0 | 45,142 | -45,142 |
BRAZIL | 74,050 | 0 | 74,050 |
CHINA | 0 | 44,027 | -44,027 |
INDIA | 0 | 92 | -92 |
INDONESIA | 23,742 | 0 | 23,742 |
JAPAN | 54,028 | 0 | 54,028 |
KAZAKHSTAN | 6,346 | 0 | 6,346 |
KOREA | 1 | 59,991 | -59,990 |
MALAYSIA | 122,327 | 81,135 | 41,192 |
NETHERLANDS | 3,332 | 0 | 3,332 |
SRI LANKA | 0 | 58,551 | -58,551 |
TAIWAN | 38,503 | 0 | 38,503 |
THAILAND | 19,716 | 0 | 19,716 |
TURKMENISTAN | 26,455 | 0 | 26,455 |
UNITED ARAB EMIRATES | 130,655 | 0 | 130,655 |
VIETNAM | 15,574 | 0 | 15,574 |
TOTAL | 598,083 | 288,938 | 309,145 |
(Data from Enterprise Singapore)
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