Singapore fuel oil stocks fall 6% in October despite higher net imports
Residual fuel oil stocks in Singapore averaged 6% lower in October than in September, data from Enterprise Singapore shows.
Changes in monthly average Singapore stocks from September to October:
- Residual fuel oil stocks down 1.19 million bbls to 18.56 million bbls
- Middle distillate stocks up 670,000 bbls to 9.14 million bbls
Singapore’s fuel oil stocks fell below 19 million bbls in October, despite a 16% increase in net fuel oil imports. Both imports and exports rose in October, with imports increasing by 765,000 bbls and exports by 250,000 bbls.
The UAE (16%) was the largest source of Singapore’s fuel oil imports in October, followed by Brazil (13%) and Russia (11%), according to cargo tracker Vortexa.
On the export side, China (37%) received the largest share of Singapore’s fuel oil cargoes, followed by Malaysia (26%) and Bangladesh (10%).
Meanwhile, Singapore’s middle distillate inventories increased by 8% in October to 9.14 million bbls.
Changes in monthly average Singapore fuel oil trade from September to October:
- Fuel oil imports up 765,000 bbls to 5.88 million bbls
- Fuel oil exports up 250,000 bbls to 2.09 million bbls
- Fuel oil net imports up 515,000 bbls to 3.80 million bbls
Recommended lead times for VLSFO start at around 13 days, with some suppliers advising more than three weeks, against 12-15 days a week earlier.
HSFO lead times stand at around 10 days but stretch to as long as three weeks, almost unchanged from 12-21 days last week. LSMGO lead times have narrowed to 9-11 days from 7-14 days previously.
By Tuhin Roy
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