Singapore fuel oil stocks rose by 4% in September
Residual fuel oil stocks in Singapore averaged 4% higher in September than in August, data from Enterprise Singapore shows.
Changes in monthly average Singapore stocks from August to September:
- Residual fuel oil stocks up 770,000 bbls to 19.75 million bbls
- Middle distillate stocks up 280,000 bbls to 8.47 million bbls
Singapore’s fuel oil stocks remained below 20 million bbls in September, despite a 21% increase in net fuel oil imports. Fuel oil imports increased by 544,000 bbls, while exports declined by a modest 26,000 bbls.
Brazil and Syria (11%) were the largest sources of Singapore’s fuel oil imports in September, followed by Russia (8%), according to cargo tracker Vortexa.
On the export side, China (42%) received the largest share of Singapore’s fuel oil cargoes, followed by Malaysia (19%) and Bangladesh (11%).
Singapore’s middle distillate inventories also increased by 3% in September, to 8.47 million bbls.
Changes in monthly average Singapore fuel oil trade from August to September:
- Fuel oil imports up 544,000 bbls to 5.12 million bbls
- Fuel oil exports down 26,000 bbls to 1.84 million bbls
- Fuel oil net imports up 571,000 bbls to 3.28 million bbls
Singapore’s bunker market continues to face supply tightness despite “below average demand,” with recommended lead times for VLSFO at around 10-15 days, down from 13-17 days a week earlier. Most suppliers are maintaining low stock levels, while delays in cargo arrivals linked to the conflict in the Middle East have placed additional pressure on availability, according to a Singapore-based source.
HSFO availability has also tightened, with advised lead times increasing to around 10-15 days, compared with 9-12 days last week. Meanwhile, LSMGO supply remains relatively healthy, with lead times of around five days, improving from 5-7 days previously.
By Tuhin Roy
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