Singapore’s fuel oil inventories decline 5% this month

Singapore’s residual fuel oil stocks have averaged 5% lower so far in April than across March, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from March to April (so far):

• Residual fuel oil stocks down 1.26 million bbls to 22.63 million bbls
• Middle distillate stocks up 1.67 million bbls to 9.94 million bbls

Fuel oil inventories in Singapore have fallen below 23 million bbls, following a sharp 48% drop in the port’s net fuel oil imports so far this month. Imports have declined by 1.62 million bbls, while exports have increased by 664,000 bbls.

Nearly half of the fuel oil imports this month have come from Russia (40%), followed by the Netherlands (14%) and Brazil (10%), according to data from cargo tracking firm Vortexa. On the export side, Singapore has primarily supplied fuel oil to South Korea (21%), China (14%) and Nigeria (11%).

Meanwhile, the port’s middle distillate inventories have averaged 20% higher so far this month, reaching their highest level since June.

Changes in Singapore fuel oil trade from March to April (so far):

• Fuel oil imports down 1.62 million bbls to 5.13 million bbls
• Fuel oil exports up 664,000 bbls to 2.69 million bbls
• Fuel oil net imports down 2.29 million bbls to 2.44 million bbls

VLSFO lead times in Singapore remain broadly stable at 5-12 days. HSFO lead times are now assessed at 5-10 days, narrowing from the wider 3-12-day range seen last week. LSMGO lead times continue to hold steady at 2-7 days, largely unchanged week on week.

By Tuhin Roy

Please get in touch with comments or additional info to news@engine.online