Singapore’s fuel oil inventories decline amid lower net imports

Singapore’s residual fuel oil stocks have averaged 9% lower in the first week of 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 2.17 million bbls to 21.72 million bbls
• Middle distillate stocks down 560,000 bbls to 8.84 million bbls

Singapore’s fuel oil inventories have dropped below 22 million bbls, following a sharp 57% decline in the port’s net fuel oil imports so far this month. Imports have fallen by 2.73 million bbls, while exports have declined more modestly by 34,000 bbls.

Nearly half of the fuel oil imports this month have originated from Russia (44%), followed by Indonesia (11%) and the Netherlands (9%), according to cargo tracking data from Vortexa. On the export side, Singapore has mainly supplied fuel oil to Malaysia (23%), China (15%), and Australia (13%).

Meanwhile, the port’s middle distillate inventories have averaged 7% higher so far this month, reaching their highest level since November.

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

• Fuel oil imports down 2.73 million bbls to 4.03 million bbls
• Fuel oil exports down 34,000 bbls to 2 million bbls
• Fuel oil net imports down 2.69 million bbls to 2.03 million bbls

In the prompt market, VLSFO remains under pressure, with recommended lead times shortening to 6–11 days from 10–12 days last week. HSFO availability is still tight, though lead times have narrowed to 7–10 days from the earlier 9–13-day range.

LSMGO lead times have also eased slightly, now standing at around 2–6 days compared with 5–8 days last week.

By Tuhin Roy

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