Singapore fuel oil inventories hold above 24 million barrels for third week
SINGAPORE, March 26 (Reuters) - Onshore fuel oil inventories in Singapore held at levels over 24 million barrels for a third consecutive week, maintaining well above average, data showed on Thursday.
Residual fuel stockpiles were at 24.51 million barrels (about 3.79 million metric tons) in the week to March 25, up 2% from the previous week, Enterprise Singapore data showed. O/SING1
Fuel oil imports were lower by 13.5% week-on-week, but still held above 1 million tons. Most of the week's inflows came from neighbouring storage hub Malaysia.
Meanwhile, fuel oil exports climbed 31.3% to above 293,000 tons in the same period, with most volumes bound for China.
Amid high prompt inventories, spot differentials for both high-sulphur fuel oil and low-sulphur fuel oil have softened in recent sessions. FUEL/A
Week to Mar. 25, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
AUSTRALIA | 0 | 8,452 | -8,452 |
BRAZIL | 48,312 | 0 | 48,312 |
CHINA | 0 | 125,693 | -125,693 |
CONGO | 32,567 | 0 | 32,567 |
INDONESIA | 115,004 | 0 | 115,004 |
JAPAN | 7,860 | 40,099 | -32,239 |
KAZAKHSTAN | 102,549 | 0 | 102,549 |
KOREA | 21,961 | 0 | 21,961 |
KUWAIT | 177,575 | 0 | 177,575 |
MALAYSIA | 324,347 | 70,705 | 253,642 |
NEW ZEALAND | 0 | 38,323 | -38,323 |
RUSSIA | 50,017 | 0 | 50,017 |
SAUDI ARABIA | 75,854 | 0 | 75,854 |
TAIWAN | 68,751 | 0 | 68,751 |
THAILAND | 37,211 | 0 | 37,211 |
TURKMENISTAN | 29,976 | 0 | 29,976 |
UNITED ARAB EMIRATES | 75,115 | 0 | 75,115 |
UNITED STATES | 0 | 0 | 0 |
VIETNAM | 5,463 | 9,983 | -4,520 |
TOTAL | 1,172,561 | 293,256 | 879,305 |
(Data from Enterprise Singapore)
