Singapore’s fuel oil inventories declined by 9% in January

Residual fuel oil stocks in Singapore averaged 9% lower in January than in December, data from Enterprise Singapore shows.

Changes in monthly average Singapore stocks from December to January:

• Residual fuel oil stocks down 2.25 million bbls to 23.55 million bbls
• Middle distillate stocks up 140,000 bbls to 8.40 million bbls

Singapore’s fuel oil stocks fell below 24 million bbls in January, even as the port’s net fuel oil imports rose by 13%. Imports declined by 332,000 bbls, while exports dropped by a larger 715,000 bbls.

Most incoming fuel oil cargoes originated from Russia (25%), Indonesia (11%) and Kuwait (8%). Over the same period, the bulk of exports were shipped to China (63%), Malaysia (11%), and South Korea (9%).

Meanwhile, the port’s middle distillate inventories edged higher, averaging 2% above the previous month.

Changes in monthly average Singapore fuel oil trade from December to January:

• Fuel oil imports down 332,000 bbls to 5.36 million bbls
• Fuel oil exports down 715,000 bbls to 1.99 million bbls
• Fuel oil net imports up 383,000 bbls to 3.37 million bbls

In Singapore, VLSFO availability has tightened further as terminal loading delays continue to affect several suppliers. This extends recommended lead times to 12–14 days, up from Last week's 10–14 days. HSFO supply remains limited, with typical lead times of 9–12 days, broadly unchanged from 8–12 days previously.

LSMGO availability has also tightened sharply, with lead times now at 7–9 days, compared to 2–5 days last week.

By Tuhin Roy

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