Singapore fuel oil stockpiles dip but hold above 20 mln barrels

ReutersJan 2, 2025 8:27 AM

By Jeslyn Lerh

SINGAPORE, Jan 2 (Reuters) - Singapore onshore fuel oil storage volumes dropped slightly from the previous week but remained well above 20 million barrels amid strong inflows from Russia and the United Arab Emirates, official data showed on Thursday.

Residue inventories STKRS-SIN were at 20.96 million barrels (3.30 million tons) in the week to Jan. 1, dipping 4% from last week, data from Enterprise Singapore showed. O/SING1

Stockpiles have retreated from a multi-year high seen two weeks ago, but remained above 2024's average inventory level of 19.7 million barrels a week, calculations based on the data showed.

Most of the imports in the week to Jan. 1 came from Russia and the UAE, excluding cargo movements from Malaysia.

High inventories have capped recovery in Asia's fuel oil market, with premiums for very low sulphur fuel oil (VLSFO) hovering below $2 per metric ton by end-2024. MFO05-SIN-DIF

Meanwhile, fuel oil exports from Singapore were mostly headed for China as in the previous week, according to the Enterprise Singapore data.

Week to Jan. 1, Fuel oil (in metric tons)	Total Imports	Total Exports	Net Imports
ALGERIA	12,395	0	12,395
BRAZIL	54,850	0	54,850
CHINA	0	50,000	-50,000
INDIA	52,518	141	52,378
INDONESIA	50,604	5,245	45,359
IRAQ	136,898	0	136,898
KOREA	13,702	0	13,702
KUWAIT	41,309	0	41,309
MALAYSIA	307,113	45,332	261,781
NEPAL	0	41	-41
RUSSIA	385,908	0	385,908
SAUDI ARABIA	102,206	0	102,206
TAIWAN	0	0	0
UNITED ARAB EMIRATES	187,416	0	187,416
UNITED KINGDOM	0	0	0
UNITED STATES	34,402	0	34,402
VIETNAM	5,657	0	5,657
TOTAL	1,384,979	100,759	1,284,220

(Data from Enterprise Singapore)

(Reporting by Jeslyn Lerh; Editing by Eileen Soreng)

((jeslyn.lerh@thomsonreuters.com))

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