Singapore fuel oil inventories fall 6% despite higher net imports

Singapore’s residual fuel oil stocks have averaged 6% lower so far in October than across September, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from September to October (so far):

• Residual fuel oil stocks down 1.23 million bbls to 18.52 million bbls
• Middle distillate stocks up 880,000 bbls to 9.35 million bbls

Singapore’s fuel oil stocks have fallen below 19 million bbls, despite a 9% increase in net fuel oil imports so far in October.

Fuel oil imports have increased by 253,000 bbls, while exports have declined by 49,000 bbls.

Meanwhile, Singapore’s middle distillate inventories have increased by 10% so far this month to 9.35 million bbls.

Changes in Singapore fuel oil trade from September to October (so far):

• Fuel oil imports up 253,000 bbls to 5.37 million bbls
• Fuel oil exports down 49,000 bbls to 1.79 million bbls
• Fuel oil net imports up 302,000 bbls to 3.58 million bbls

Singapore’s bunker market remains tight, with recommended lead times for VLSFO extending to 14-21 days, from 11-18 days a week earlier.

HSFO availability has also tightened, with advised lead times increasing to 12-21 days from 11-17 days last week. LSMGO lead times have widened to 7-14 days from 6-9 days previously.

By Tuhin Roy

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