Singapore’s fuel oil stocks rise despite lower net imports

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

Changes in monthly average Singapore stocks from November to December (so far):

• Residual fuel oil stocks up 1.02 million bbls to 26.06 million bbls
• Middle distillate stocks down 700,000 bbls to 8.36 million bbls

Singapore’s fuel oil stocks have climbed past 26 million bbls, achieving multi-year highs.

The port has seen an 11% decrease in net fuel oil imports so far in December. Both imports and exports have grown during this period, with imports up by 1.07 million bbls and exports rising by a larger 1.40 million bbls.

Most of Singapore’s fuel oil imports this month have come from Russia (23%), followed by the UAE (17%) and Brazil (12%), according to cargo tracker Vortexa. Nearly half of Singapore’s fuel oil exports have gone to China (48%), while Malaysia has taken a notable share (15%).

In contrast, middle distillate inventories have fallen by 8% this month to 8.36 million bbls, marking their lowest level since January 2024.

Changes in Singapore fuel oil trade from November to December (so far):

• Fuel oil imports up 1.07 million bbls to 6.06 million bbls
• Fuel oil exports up 1.40 million bbls to 3.35 million bbls
• Fuel oil net imports down 330,000 bbls to 2.71 million bbls

Despite “slow” bunker demand in Singapore, lead times for VLSFO remain erratic at 4–12 days, nearly unchanged from last week's 4–11 days.

HSFO now requires 7–10 days of advance notice, an increase from the earlier 3–9 days. LSMGO remains readily available, though suppliers are now recommending 5–8 days of lead time, compared with 3–7 days last week.

By Tuhin Roy

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