Singapore’s fuel oil inventories drawn 6% this month

Singapore’s residual fuel oil stocks have averaged 6% lower so far in May than across April, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks down 1.36 million bbls to 20.49 million bbls
• Middle distillate stocks down 370,000 bbls to 9.82 million bbls

Singapore’s fuel oil inventories have slipped below 21 million bbls, amid a 5% decline in the port’s net fuel oil imports so far this month. Imports have fallen by 97,000 bbls, while exports have risen by 20,000 bbls.

Most of Singapore’s fuel oil imports this month originated from Brazil (18%), followed by the US (10%) and Japan (9%), according to cargo tracking firm Vortexa.

On the export side, Singapore primarily supplied fuel oil to South Korea (28%), Saudi Arabia (20%) and Malaysia (16%).

Meanwhile, the port’s middle distillate inventories have also averaged 4% lower so far this month.

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

• Fuel oil imports down 97,000 bbls to 4.96 million bbls
• Fuel oil exports up 20,000 bbls to 2.50 million bbls
• Fuel oil net imports down 117,000 bbls to 2.47 million bbls

VLSFO availability in Singapore remains tight, although delivery lead times have eased slightly to 10-14 days, from 12-14 days last week. Lead times for LSMGO now stand at 5-10 days, compared to 8-9 days previously. In contrast, HSFO availability has improved, with lead times narrowing to 5-10 days, from 9-14 days last week.

By Tuhin Roy

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