Singapore fuel oil stocks rise despite sharp decline in net imports

Singapore’s residual fuel oil stocks have averaged 7% higher so far in September than across August, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks up 1.37 million bbls to 20.36 million bbls
• Middle distillate stocks up 40,000 bbls to 8.24 million bbls

Singapore’s fuel oil inventories have risen above 20 million bbls, despite a 30% decline in net fuel oil imports so far this month. Fuel oil imports have fallen by 1.67 million bbls, while exports have decreased by a narrower 866,000 bbls.

India (16%) has been the largest source of Singapore’s fuel oil imports this month, followed by the UAE (12%) and Malaysia (12%), according to cargo tracker Vortexa. On the export side, Malaysia (62%) has been the leading destination for Singapore’s fuel oil cargoes, followed by Bangladesh (8%) and New Zealand (6%).

Meanwhile, Singapore’s middle distillate inventories have increased by 1% so far this month to 8.24 million bbls.

Changes in Singapore fuel oil trade from July to August (so far):

• Fuel oil imports down 1.67 million bbls to 2.91 million bbls
• Fuel oil exports down 866,000 bbls to 997,000 bbls
• Fuel oil net imports down 799,000 bbls to 1.91 million bbls

In Singapore, recommended lead times for VLSFO have tightened to 12-15 days, compared with 9-16 days a week earlier. HSFO supply also remains tight, with advised lead times of 10-12 days, versus 8-16 days previously. LSMGO lead times are currently around 7-10 days.

By Tuhin Roy

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