Singapore fuel oil stocks fall 5% despite sharp rise in net imports
Singapore’s residual fuel oil stocks have averaged 5% 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 1.08 million bbls to 18.67 million bbls
- Middle distillate stocks up 900,000 bbls to 9.37 million bbls
Singapore’s fuel oil stocks have slipped below 19 million bbls, despite a 42% increase in net fuel oil imports so far in October. Fuel oil imports have increased by 1.21 million bbls, while exports have declined by 184,000 bbls.
The US (19%) has been the largest source of Singapore’s fuel oil imports this month, followed by Brazil (15%) and the Netherlands (14%), according to cargo tracker Vortexa.
On the export side, China (66%) has received the largest share of Singapore’s fuel oil cargoes, followed by Malaysia (21%) and Bangladesh (8%).
Meanwhile, Singapore’s middle distillate inventories have increased by 11% so far this month to 9.37 million bbls.
Changes in Singapore fuel oil trade from September to October (so far):
- Fuel oil imports up 1.21 million bbls to 6.32 million bbls
- Fuel oil exports down 184,000 bbls to 1.65 million bbls
- Fuel oil net imports up 1.39 million bbls to 4.67 million bbls
Bunker supply in Singapore remains tight despite “average demand,” with recommended lead times for VLSFO holding at around 10-15 days, unchanged from the previous week. Most suppliers continue to operate with low stocks, while delays in cargo arrivals due to the ongoing conflict in the Middle East have further constrained availability, according to a Singapore-based source.
HSFO supply is similarly constrained, with advised lead times of 10-15 days, broadly unchanged week on week. LSMGO availability, however, remains relatively healthy, although lead times have edged up to 5-7 days from around five days previously.
By Tuhin Roy
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