Singapore fuel oil inventories fall 3 mln bbls to near one-year low
SINGAPORE, April 30 (Reuters) - Onshore fuel oil inventories in Singapore fell to a near one-year low in the week to April 29, as both imports and exports declined, data showed on Thursday.
Residual fuel stockpiles declined by 3.013 million barrels to 19.488 million barrels, their lowest in 50 weeks, according to Enterprise Singapore data. O/SING1
Total imports fell 27% week-on-week to around 750,000 tons from over 1 million tons last week, with imports from Russia making up almost half of the total amount.
Imports from Indonesia and the Netherlands were also strong.
Meanwhile, total exports of fuel oil declined 51% to around 284,000 tons after surging 57% last week. Most volumes were bound for neighbouring storage hub Malaysia, as well as Kenya and Sri Lanka.
Asia's spot differentials for high sulphur fuel oil (HSFO) were little changed on Thursday, while very low sulphur fuel oil (VLSFO) markets declined in narrowing backwardation at the prompt months. FUEL/A
Week to Apr. 29, Fuel oil (in metric tons) | Total Imports | Total Exports | Net Imports |
BANGLADESH | 0 | 20,040 | -20,040 |
COLOMBIA | 48,638 | 0 | 48,638 |
FIJI | 0 | 13,437 | -13,437 |
GEORGIA | 34,600 | 0 | 34,600 |
INDIA | 0 | 268 | -268 |
INDONESIA | 108,770 | 0 | 108,770 |
KENYA | 0 | 33,294 | -33,294 |
KOREA | 0 | 57,002 | -57,002 |
MADAGASCAR | 0 | 7,374 | -7,374 |
MALAYSIA | 4,309 | 79,798 | -75,489 |
MAURITIUS | 0 | 19,327 | -19,327 |
NETHERLANDS | 68,954 | 0 | 68,954 |
NEW CALEDONIA | 0 | 16,488 | -16,488 |
PAKISTAN | 41,130 | 0 | 41,130 |
PHILIPPINES | 0 | 8 | -8 |
RUSSIA | 370,977 | 0 | 370,977 |
SRI LANKA | 0 | 30,998 | -30,998 |
UNITED KINGDOM | 945 | 0 | 945 |
UNITED STATES | 58,009 | 0 | 58,009 |
VENEZUELA | 15,378 | 0 | 15,378 |
VIET NAM | 0 | 6,598 | -6,598 |
TOTAL | 751,709 | 284,630 | 467,079 |
(Data from Enterprise Singapore)
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