Singapore’s fuel oil stocks fall 9% in May

Singapore’s residual fuel oil stocks have averaged 9% lower in May so far than in April, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from April to May:

• Residual fuel oil stocks down 1.86 million bbls to 19.98 million bbls
• Middle distillate stocks up 30,000 bbls to 10.22 million bbls

Fuel oil inventories in Singapore have averaged below 20 million bbls in May so far amid an 18% decline in the port’s net fuel oil imports. Exports have fallen by 327,000 bbls, while imports have declined more sharply, by 785,000 bbls.

The port’s middle distillate inventories have remained largely steady so far this month, at 10.22 million bbls.

Changes in Singapore fuel oil trade from April to May:

• Fuel oil imports down 785,000 bbls to 4.28 million bbls
• Fuel oil exports down 327,000 bbls to 2.15 million bbls
• Fuel oil net imports down 458,000 bbls to 2.13 million bbls

VLSFO and HSFO bunker availability remains tight in Singapore. VLSFO delivery requires lead times of 12-15 days, while HSFO needs around 9-12 days. LSMGO availability has tightened as well, with lead times extending to 8-11 days, from last week’s 5-9 days. 

By Shilpa Sharma

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