Singapore’s fuel oil inventories fell by 7% in May
Residual fuel oil stocks in Singapore averaged 7% lower in May than in April, data from Enterprise Singapore shows.
Changes in monthly average Singapore stocks from April to May:
- Residual fuel oil stocks down 1.54 million bbls to 20.30 million bbls
- Middle distillate stocks down 1.04 million bbls to 9.15 million bbls
Singapore’s fuel oil inventories fell below 21 million bbls in May, despite a slight increase of 2% in the port’s net fuel oil imports. Fuel oil imports declined by 344,000 bbls during the month, while exports recorded a steeper drop of 401,000 bbls.
The majority of incoming fuel oil cargoes originated from Brazil (14%), Russia (12%) and Venezuela (11%). On the export side, South Korea (25%), China (19%) and Saudi Arabia (16%) were the leading destinations for Singapore’s fuel oil shipments.
The port’s middle distillate inventories also edged lower, averaging 10% below the previous month.
Changes in monthly average Singapore fuel oil trade from April to May:
- Fuel oil imports down 344,000 bbls to 4.72 million bbls
- Fuel oil exports down 401,000 bbls to 2.08 million bbls
- Fuel oil net imports up 58,000 bbls to 2.64 million bbls
VLSFO availability in Singapore remains under pressure, with suppliers recommending lead times of 10-15 days, compared to last week's 13-18 days. HSFO supply has tightened further, with lead times extending to around 10-15 days, from 9-11 days previously. In contrast, LSMGO availability has improved, with recommended lead times easing to about seven days from 10-12 days last week.
By Tuhin Roy
Please get in touch with comments or additional info to news@engine.online
