Singapore’s fuel oil stocks decrease 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 1.30 million bbls to 20.54 million bbls
• Middle distillate stocks down 580,000 bbls to 9.61 million bbls

Singapore’s fuel oil inventories have fallen below 21 million bbls, despite a slight 1% increase in the port’s net fuel oil imports so far this month. Both imports and exports declined during the period, with imports down by 262,000 bbls and exports falling by 292,000 bbls.

Most of the fuel oil imports originated from Brazil (19%), followed by the US and Venezuela (8%) each, according to cargo tracking data from Vortexa. On the export side, Singapore primarily supplied fuel oil to China (30%), South Korea (20%) and Malaysia (13%).

Meanwhile, the port’s middle distillate inventories have averaged 6% lower so far this month.

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

• Fuel oil imports down 262,000 bbls to 4.80 million bbls
• Fuel oil exports down 292,000 bbls to 2.19 million bbls
• Fuel oil net imports up 30,000 bbls to 2.61 million bbls

Bunker fuel availability in Singapore remains tight, with only a limited number of suppliers offering small HSFO parcels and premiums expected for quantities of 500 mt and below.

VLSFO availability in Singapore has tightened further, with recommended lead times increasing to 13-18 days from 10-14 days last week. Lead times for LSMGO have increased to 10-12 days from 5-10 days previously, while HSFO lead times now stand at 9-11 days, up from 5-10 days last week.

By Tuhin Roy

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