Singapore fuel oil stockpiles extend build to three-week highs
SINGAPORE, Dec 4 (Reuters) - Onshore fuel oil stockpiles in major oil storage hub Singapore have risen to three-week highs, data showed on Thursday.
The stockpiles STKRS-SIN climbed 3.4% to 25.56 million barrels (about 4.03 million metric tons) in the week to December 3, data from Enterprise Singapore showed. O/SING1
Inventories remain well above the average of 22.6 million barrels per week this year.
Despite a drop in weekly imports, fuel oil stocks continued to pile higher amid a contango market structure, which makes storage economics more economical. Both high-sulphur and low-sulphur fuel oil markets are in a contango for prompt trading months, based on data from trade sources.
Meanwhile, total fuel oil inflows into onshore storage fell 27.5% week-on-week to about 704,000 tons. Russia was the top origin for the imports.
As for outflows, volumes slumped 44.7% from the previous week to about 282,000 tons, with most exports heading to China as well as neighbouring storage hub Malaysia.
Spot differentials for high-sulphur fuel oil continued to hold in steep discounts, while low-sulphur fuel oil differentials were at near parity to cargo quotes. FUEL/A
Week to Dec. 3, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AUSTRALIA | 19,900 | 0 | 19,900 |
BRAZIL | 29,595 | 0 | 29,595 |
CHINA | 0 | 75,761 | -75,761 |
GERMANY | 0 | 0 | 0 |
INDIA | 0 | 18 | -18 |
INDONESIA | 43,553 | 0 | 43,552 |
IRAQ | 31,261 | 0 | 31,261 |
JAPAN | 37,149 | 12,845 | 24,304 |
KOREA | 56,974 | 10,000 | 46,974 |
KUWAIT | 29,994 | 0 | 29,994 |
MALAYSIA | 67,359 | 82,292 | -14,933 |
PAKISTAN | 26,765 | 0 | 26,765 |
PHILIPPINES | 0 | 17,980 | -17,980 |
RUSSIA | 153,267 | 0 | 153,267 |
SOUTH SUDAN | 77,564 | 0 | 77,564 |
SRI LANKA | 0 | 21,997 | -21,997 |
TAIWAN | 0 | 0 | 0 |
THAILAND | 0 | 35,034 | -35,034 |
UNITED ARAB EMIRATES | 42,508 | 0 | 42,508 |
UNITED STATES | 66,099 | 19,967 | 46,132 |
VIETNAM | 22,070 | 5,881 | 16,188 |
TOTAL | 704,058 | 281,776 | 422,282 |
(Data from Enterprise Singapore)
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