Singapore fuel oil stockpiles dip but hold above 20 mln barrels
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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