Singapore fuel oil stockpiles at four-week low as imports drop, exports rise

(Reuters) - Singapore's onshore fuel oil stockpiles fell to a four-week low as imports dropped and exports rose, data showed Thursday.

Inventories for fuel oil dipped 1.5% to 21.09 million barrels (3.32 million metric tons) in the week ended April 3, latest data from Enterprise Singapore showed.

Net imports, which are calculated by subtracting total exports from total imports, were at about 495,000 tons, nearly halving from last week, calculations based on the data showed.

Brazil was the top destination for arrivals into landed storage, followed by the United Arab Emirates and Kuwait.

Total imports dropped for a second consecutive week, while exports recovered after a sharp decline last week. Top destinations for outflows from Singapore were China, Philippines and Australia in the week, the data showed.

While onshore stockpiles dipped week-on-week, trade sources said that overall inventories remained ample as East Asia received an influx of supplies last month.

As such, the Asia fuel oil market remains in a supply overhang this month, with some sellers clearing stocks.

Singapore's cash differentials for 0.5% low sulfur fuel oil <MFO05-SIN-DIF> have flipped from premium to discount this week, while the 380-cst high sulfur fuel oil <FO380-SIN-DIF> cash differential was also steadily discounted to Singapore quotes.

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