Singapore’s fuel oil stocks inch up coming into March
Singapore’s residual fuel oil stocks have averaged 1% higher in the first week of March 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 270,000 bbls to 23.29 million bbls
- Middle distillate stocks down 820,000 bbls to 7.65 million bbls
Singapore’s fuel oil inventories have climbed above 23 million bbls amid a sharp 58% increase in net fuel oil imports so far this month. Total imports have increased by 2.76 million bbls, significantly outpacing the 863,000-bbl rise in exports.
Most of the imported fuel oil has come from Russia (22%), followed by Kuwait (14%) and Saudi Arabia (13%), according to cargo tracker Vortexa. On the export side, Singapore’s fuel oil shipments have mainly headed to Vietnam (15%), followed by Malaysia (10%) and Bangladesh (6%).
Meanwhile, the port’s middle distillate inventories have fallen by 10% so far this month, dropping to 7.65 million bbls — a multi-year low.
Changes in Singapore fuel oil trade from February to March (so far):
- Fuel oil imports up 2.76 million bbls to 8.40 million bbls
- Fuel oil exports up 863,000 bbls to 3.24 million bbls
- Fuel oil net imports up 1.90 million bbls to 5.15 million bbls
In Singapore, recommended lead times for VLSFO have lengthened slightly to about 7–11 days, compared with 6–10 days last week. LSMGO suppliers are now advising lead times of around 4–11 days, marginally wider than the previous 4–9 days. Meanwhile, HSFO lead times are currently indicated at 8–11 days, compared with 6–12 days a week earlier.
By Tuhin Roy
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