Singapore fuel oil inventories extend slide to over eight-month lows

ReutersJan 29, 2026 8:24 AM

SINGAPORE, Jan 29 (Reuters) - Singapore onshore fuel oil stockpiles fell to their lowest in more than eight months as imports slumped for the week, data showed on Thursday.

Inventories slipped 14.7% from the previous week to 19.94 million barrels (about 3.14 million metric tons) in the week to January 28, down for a second consecutive week, data from Enterprise Singapore showed. O/SING1

The drawdown emerged as imports slowed, while demand for marine fuel deliveries edged up in recent weeks, trade sources said.

Imports into onshore tanks declined 48% week-on-week to around 503,000 tons, the Enterprise data showed. Top origins for the imports included neighbouring storage hub Malaysia, as well as arrivals from Estonia.

Meanwhile, exports from Singapore onshore tanks also fell, sliding 42% to about 282,000 tons in the week. China remained the top destination.

Amid lower inventories, spot markets for fuel oil have strengthened, with high-sulphur cash differentials hitting seven-month highs recently. FUEL/A

Week to Jan. 28, Fuel oil (in metric tons)	Total Imports	Total Exports	Net Imports
BAHRAIN	80,051	0	80,051
CHINA	0	135,396	-135,396
ESTONIA	111,156	0	111,156
INDIA	33,598	0	33,598
INDONESIA	11,989	0	11,989
KOREA, REP OF	35,055	60,001	-24,946
MALAYSIA	183,395	23,359	160,036
PAPUA NEW GUINEA	0	34,700	-34,700
TAIWAN	11,931	0	11,931
TURKMENISTAN	29,955	0	29,955
VIETNAM	5,482	28,589	-23,107
TOTAL	502,612	282,045	220,566

(Data from Enterprise Singapore)

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