Singapore’s fuel oil stocks slump 25% in June so far

Singapore’s residual fuel oil stocks have averaged 25% lower so far in June than across May, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks down 5.46 million bbls to 14.84 million bbls
• Middle distillate stocks down 2.24 million bbls to 6.90 million bbls

Singapore’s fuel oil inventories have fallen below 15 million bbls, as the port’s net fuel oil imports declined sharply by 34% so far this month. Imports dropped by 1.34 million bbls, while exports decreased by a smaller 454,000 bbls.

According to cargo tracking firm Vortexa, the largest share of Singapore’s fuel oil imports originated from Russia (23%), followed by Indonesia (14%) and Mexico (10%).

On the export front, Thailand remains the leading destination for Singapore’s fuel oil shipments, accounting for 25% of exports, followed by China (23%) and Malaysia (18%).

Meanwhile, Singapore’s middle distillate inventories have also declined significantly, averaging 6.90 million bbls so far this month. This represents a drop of 25% from previous levels and has pushed inventories to multi-year lows.

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

• Fuel oil imports down 1.34 million bbls to 3.38 million bbls
• Fuel oil exports down 454,000 bbls to 1.62 million bbls
• Fuel oil net imports down 889,000 bbls to 1.75 million bbls

Bunker availability remains mixed in Singapore. VLSFO supply continues to be tight, with suppliers recommending lead times of 8–14 days, slightly improved from the 10–15 days advised last week. HSFO availability has also shown modest improvement, with lead times easing to 5–12 days, from 10–15 days previously. However, LSMGO supply has tightened, as recommended lead times have lengthened to 9–14 days, from around seven days last week.

By Tuhin Roy

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