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Singapore fuel oil inventories hit four-month high despite sinking net imports
Residual fuel oil inventories in the Singapore fuel oil trading and storage hub inched to a near four-month high in the week ended Oct. 16 despite sharply lower net import volumes, according to official data.
– Onshore fuel oil stocks climbed by 208,000 barrels (about 31,000 tonnes), or 1 per cent, from the previous week to 22.11 million barrels, or 3.3 million tonnes, data from Enterprise Singapore showed on Thursday.
– This came despite weekly net fuel oil import volumes which were 53 per cent lower from the prior week at 405,000 tonnes, well below the 2019 weekly average of 684,000 tonnes. However, such weekly figures are volatile.
– The lower net imports were pressured by weak import volumes totalling 773,000 tonnes, a six-week low.
– Compared with year-ago levels, onshore fuel oil inventories came in 25 per cent higher.
– Singapore’s net exports of fuel oil to South Korea topped the week at 42,000 tonnes, followed by Hong Kong and China at 38,000 tonnes each, and Bangladesh at 20,000 tonnes.
– The largest net imports into Singapore originated from the United Arab Emirates at 213,000 tonnes, followed by Malaysia at 94,000 tonnes, Iraq at 83,000 tonnes and Russia at 76,000 tonnes.
– Fuel oil inventories in Singapore have averaged 21.1 million barrels a week, or 3.15 million tonnes, so far in 2019, compared with 18.93 million barrels, or 2.83 million tonnes, in the previous year.
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