Singapore’s fuel oil inventories edge down despite higher net imports
Singapore’s residual fuel oil stocks have averaged 1% lower so far in January than across December, Enterprise Singapore’s latest data shows.
Changes in monthly average Singapore stocks from December to January (so far):
- Residual fuel oil stocks down 360,000 bbls to 25.44 million bbls
- Middle distillate stocks down 80,000 bbls to 8.18 million bbls
Singapore’s fuel oil inventories have stayed above 25 million bbls, amid a sharp rise in net fuel oil imports, which are up 51% so far this month. Total imports have increased by 310,000 bbls, while exports have dropped steeply by 1.20 million bbls.
Most of the fuel oil imported this month originated from Russia (23%), followed by Indonesia (12%) and the UAE (12%), according to data from cargo tracker Vortexa. On the export front, Singapore has primarily shipped fuel oil to China (51%), Malaysia (10%) and Thailand (8%).
Meanwhile, middle distillate inventories at the port have averaged 1% lower so far this month.
Changes in Singapore fuel oil trade from December to January (so far):
- Fuel oil imports up 310,000 bbls to 6 million bbls
- Fuel oil exports down 1.20 million bbls to 1.50 million bbls
- Fuel oil net imports up 1.51 bbls to 4.50 million bbls
In Singapore, VLSFO availability has tightened markedly, with most suppliers now indicating lead times of 7–11 days, a sharp increase from 2–7 days last week.
LSMGO continues to be readily available, with lead times steady at 3–6 days. Meanwhile, HSFO supply remains constrained, typically requiring 7–12 days of advance notice, broadly unchanged from 7–11 days last week.
By Tuhin Roy
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