Singapore fuel oil stocks edge down 2% in January

Singapore’s residual fuel oil stocks have averaged 2% lower so far this month than across December, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from December to January (so far):

• Residual fuel oil stocks down 390,000 bbls to 25.41 million bbls
• Middle distillate stocks down 220,000 bbls to 8.05 million bbls

Singapore’s fuel oil inventories have stayed above 25 million bbls, amid a 14% rise in net fuel oil imports so far in January. However, both imports and exports have declined, with imports down by 814,000 bbls and exports falling by a larger 1.24 million bbls.

Most of Singapore’s fuel oil imports this month have originated from Russia (20%), followed by the US (17%) and Indonesia (12%), according to cargo tracker Vortexa. On the export side, over half of the volumes have been shipped to China (64%), with Thailand (11%) and Malaysia (10%) trailing behind.

Meanwhile, the port’s middle distillate inventories have dropped by 3% this month to 8.05 million bbls, marking multi-year lows.

Changes in Singapore fuel oil trade from December to January (so far):

• Fuel oil imports down 814,000 bbls to 4.88 million bbls
• Fuel oil exports down 1.24 million bbls to 1.46 million bbls
• Fuel oil net imports up 425,000 bbls to 3.42 million bbls

In Singapore, most suppliers are currently quoting lead times of around 2–7 days for VLSFO, compared to 4–6 days indicated last week.

LSMGO availability remains healthy, with prompt delivery dates still being offered. By contrast, HSFO supply continues to be tight, with suppliers requiring 8–11 days of advance notice, broadly in line with last week’s 9–10 days.

By Tuhin Roy

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