Singapore fuel oil stockpiles hit 20-week lows
(Reuters) - Singapore's onshore fuel oil stockpiles slipped to 20-week lows after net imports declined, data showed.
The inventories fell 14.6% to 18.94 million barrels (2.98 million metric tons) in the week to April 24, Enterprise Singapore data showed. [O/SING1]
Net fuel oil imports, calculated by subtracting total exports from total imports, fell by 27.4% to about 392,000 tons.
The United States was the top origin for fuel oil imports into Singapore-landed storage, excluding cargo movements between Singapore and storage hub Malaysia. Other top origins were the United Arab Emirates and Russia.
On the exports front, China, Hong Kong and Vietnam were the top destinations for fuel oil outflows from Singapore.
Lower onshore Singapore inventories came in line with a drop in fuel oil supplies to the broader East Asia region, which fell from more than 7 million tons in March to about 6.5 million tons in April, based on ship-tracking data from LSEG.
Fuel oil benchmarks slipped in the first half of the month due to high inventories, before recovering slightly as the supply overhang started to ease, market sources said.
The cash differential for 0.5% low sulfur fuel oil <MFO05-SIN-DIF> has rebounded back into premium since last week, after sinking into discounts in the first half of April.
|
Week to April 24, Fuel oil (in metric tons) |
Total Imports |
Total Exports |
Net Imports |
|
AUSTRALIA |
46,050 |
0 |
46,050 |
|
BAHAMAS |
10,492 |
0 |
10,492 |
|
CHINA |
1,061 |
90,025 |
-88,964 |
|
HONG KONG |
0 |
27,090 |
-27,090 |
|
INDONESIA |
31,688 |
0 |
31,688 |
|
IRAQ |
53,173 |
0 |
53,173 |
|
KOREA |
1 |
0 |
1 |
|
MALAYSIA |
242,968 |
89,857 |
153,110 |
|
MEXICO |
19,657 |
0 |
19,657 |
|
NEPAL |
0 |
40 |
-40 |
|
NETHERLANDS |
13,240 |
0 |
13,240 |
|
RUSSIA |
62,698 |
0 |
62,698 |
|
SRI LANKA |
0 |
11,467 |
-11,467 |
|
UNITED ARAB EMIRATES |
63,682 |
0 |
63,682 |
|
UNITED STATES |
77,777 |
0 |
77,777 |
|
VIETNAM |
0 |
12,013 |
-12,013 |
|
TOTAL |
622,488 |
230,492 |
391,996 |
(Data from Enterprise Singapore)
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