Singapore fuel oil stockpiles fall to three-month low
SINGAPORE, Jan 22 (Reuters) - Onshore fuel oil stockpiles in Singapore dropped to the lowest in three months, data showed on Thursday, after imports dipped while exports rose.
Inventories fell 8.2% from the previous week to 23.38 million barrels (about 3.68 million metric tons) in the week to January 21, data from Enterprise Singapore showed. O/SING1
Demand for downstream marine fuel was also robust in recent days amid a seasonal uptick, several trade sources said.
Outflows of fuel oil also climbed, spurring the drawdown. Exports from onshore tanks totalled nearly 485,000 tons in the week, more than double of the previous week. Most of the outflows were headed for China.
Meanwhile, imports into onshore tanks dipped 13% week-on-week to about 960,000 tons, with Indonesia as the top origin for the week.
Spot market differentials for fuel oil have improved in recent sessions, with February pricing indications strengthening versus January.
Week to Jan. 21, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AUSTRALIA | 0 | 4,434 | -4,434 |
BAHRAIN | 87,928 | 0 | 87,928 |
BRAZIL | 120,072 | 0 | 120,072 |
CHINA | 0 | 246,995 | -246,995 |
DENMARK | 104,605 | 0 | 104,605 |
HONG KONG | 0 | 27,964 | -27,964 |
INDIA | 34,049 | 235 | 33,814 |
INDONESIA | 166,944 | 3 | 166,941 |
IRAQ | 77,695 | 0 | 77,695 |
ITALY | 18,449 | 0 | 18,449 |
JAPAN | 24,504 | 0 | 24,504 |
KAZAKHSTAN | 41,281 | 0 | 41,281 |
MALAYSIA | 125,447 | 132,005 | -6,558 |
NETHERLANDS | 5,652 | 0 | 5,652 |
NEW ZEALAND | 0 | 4,446 | -4,446 |
SOUTH AFRICA | 0 | 7,246 | -7,246 |
SPAIN | 0 | 0 | 0 |
SRI LANKA | 0 | 12,353 | -12,353 |
THAILAND | 18,058 | 20,375 | -2,317 |
UNITED ARAB EMIRATES | 50,066 | 0 | 50,066 |
UNITED STATES | 61,298 | 0 | 61,298 |
VIETNAM | 23,501 | 28,710 | -5,209 |
TOTAL | 959,550 | 484,766 | 474,784 |
(Data from Enterprise Singapore)
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