CORRECTED-Singapore fuel oil stockpiles dip slightly but remain elevated
SINGAPORE, Nov 6 (Reuters) - Onshore fuel oil stockpiles in major oil storage hub Singapore fell about 1% from the previous week, though still elevated above average, data showed on Thursday.
Inventories for residual fuels STKRS-SIN were at 24.48 million barrels (about 3.86 million metric tons) in the week to November 5, logging a two-week low, based on Enterprise Singapore. O/SING1
The decline came amid a drop in imports, which totalled about 703,000 tons, down 40% week-on-week. Most inflows came from regional storage hub Malaysia, while Russia was also a top origin of supply.
Meanwhile, fuel oil exports from onshore tanks fell 45% to about 238,000 tons, with China and Bangladesh as key destinations.
Singapore fuel oil inventories remained well above a year-to-date average of about 22 million barrels per week.
The high inventories continued to cap markets from recovering. Spot differentials for high-sulphur fuel oil have fallen into steeper discounts this week, while low-sulphur fuel oil was rangebound. FUEL/A
Week to Nov. 5, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
BAHRAIN | 83,084 | 0 | 83,084 |
BANGLADESH | 0 | 40,099 | -40,099 |
CHINA | 0 | 115,340 | -115,340 |
INDIA | 31,706 | 0 | 31,706 |
INDONESIA | 6,564 | 5 | 6,559 |
MALAYSIA | 307,542 | 82,921 | 224,622 |
PHILIPPINES | 0 | 4 | -4 |
RUSSIA | 129,663 | 0 | 129,663 |
TAIWAN | 31,523 | 0 | 31,523 |
UNITED ARAB EMIRATES | 42,843 | 0 | 42,843 |
UNITED STATES | 69,970 | 0 | 69,970 |
TOTAL | 702,895 | 238,369 | 464,526 |
(Data from Enterprise Singapore)
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