Singapore’s fuel oil stocks inch up amid higher net imports

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

Changes in monthly average Singapore stocks from February to March (so far):

• Residual fuel oil stocks up 810,000 bbls to 23.83 million bbls
• Middle distillate stocks down 1 million bbls to 7.47 million bbls

Singapore's fuel oil inventories remain above 23 million bbls amid a sharp 43% surge in net fuel oil imports so far in March. Total imports have increased by 1.13 million bbls, while exports have declined by 271,000 bbls.

Russia has accounted for the largest share of fuel oil imports this month at 31%, followed by Brazil and the UAE, each contributing 11%, according to cargo tracker Vortexa. On the export side, China remains the top destination, taking 36% of the total volume, followed by Malaysia at 14% and India at 12%.

At the same time, middle distillate stocks at the port have averaged 12% lower over the course of the month.

Changes in Singapore fuel oil trade from February to March (so far):

• Fuel oil imports up 1.13 million bbls to 6.77 million bbls
• Fuel oil exports down 271,000 bbls to 2.11 million bbls
• Fuel oil net imports up 1.40 million bbls to 4.66 million bbls

Meanwhile, prompt availability of VLSFO remains tight in Singapore, with recommended lead times of 10–13 days. VLSFO lead times have slightly improved from 12–16 days last week. HSFO supply is constrained, with lead times ranging from 9–16 days, compared with 11–15 days in the previous week.

In contrast, LSMGO availability has improved, with lead times shortening notably to 6–9 days from 13–17 days last week.

By Tuhin Roy

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