Singapore’s fuel oil inventories rise amid higher net imports

Singapore’s residual fuel oil stocks have averaged 4% higher so far this month than across October, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from October to November (so far):

• Residual fuel oil stocks up 850,000 bbls to 24.98 million bbls
• Middle distillate stocks down 50,000 bbls to 9.42 million bbls

Singapore’s fuel oil inventories have risen to nearly 25 million bbls, amid a 5% increase in net fuel oil imports so far in November. However, both imports and exports have slipped, with imports down by 1.04 million bbls and exports falling slightly more, by 1.18 million bbls.

Most of this month’s fuel oil imports have come from Russia (15%), Brazil (13%) and the UAE (11%), according to cargo tracker Vortexa. On the export side, China has taken the largest share at 53%, while Malaysia has received 25%.

Meanwhile, middle distillate stocks at the port have been drawn to average 1% lower this month.

Changes in Singapore fuel oil trade from October to November (so far):

• Fuel oil imports down 1.04 million bbls to 4.72 million bbls
• Fuel oil exports down 1.18 million bbls to 1.55 million bbls
• Fuel oil net imports up 139,000 bbls to 3.16 million bbls

VLSFO delivery times are still uneven across suppliers, but have improved slightly, now ranging from 2-10 days instead of last week’s 3–12 days.

HSFO availability has also improved, with lead times narrowing from 7–12 days to 5–10 days. LSMGO supply is good too, with delivery now taking 2–8 days, compared with 3–10 days last week.

By Tuhin Roy

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