Singapore’s fuel oil stocks increase 10% this month

Singapore’s residual fuel oil stocks have averaged 10% higher so far in July than across June, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from June to July (so far):

• Residual fuel oil stocks up 1.70 million bbls to 19.15 million bbls
• Middle distillate stocks up 1.17 million bbls to 9.11 million bbls

Singapore's fuel oil inventories have risen above 19 million bbls, amid a sharp 41% increase in net fuel oil imports so far in July. Imports have increased by 679,000 bbls, while exports have fallen by 151,000 bbls.

India (11%) has been the largest source of Singapore's fuel oil imports this month, followed by Brazil (9%) and the Netherlands (8%), according to cargo tracker Vortexa. On the export side, China (35%) has been the biggest destination, followed by Malaysia (18%) and Indonesia (6%).

Singapore's middle distillate inventories have also risen by 15% so far this month to 9.11 million bbls.

Changes in Singapore fuel oil trade from June to July (so far):

• Fuel oil imports up 679,00 bbls to 4.62 million bbls
• Fuel oil exports down 151,000 bbls to 1.77 million bbls
• Fuel oil net imports up 829,000 bbls to 2.85 million bbls

VLSFO availability in Singapore remains tight, with several suppliers running low on stocks. Recommended lead times have extended from 13–17 days last week to 15–18 days now.

Meanwhile, HSFO availability has improved slightly, with lead times narrowing from 11–19 days a week ago to 10–12 days now. LSMGO supply has also improved, with recommended lead times shortening from 8–10 days to 6–9 days.

By Tuhin Roy

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