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Lean net imports drag Singapore fuel oil inventories to 7-week low

Singapore fuel oil inventories fell 3pc to a seven-week low in the week ended May 29 as net imports remained thin, official data released on Thursday showed.

Onshore fuel oil stocks dropped by 675,000 barrels (about 101,000 tonnes) from the previous week to 21.790 million barrels, or 3.252 million tonnes, data from Enterprise Singapore showed.

Since hitting a more than two-year high in the week ended May 8 at 26.498 million barrels, or 3.955 million tonnes, Singapore fuel oil stocks have now declined for three consecutive weeks.

Net fuel oil imports in the week ended May 29 were at 675,000 tonnes, up by 72pc from a five-week low of 392,000 tonnes in the previous week, but were below the 2019 weekly average of 730,000 tonnes.

This week’s onshore fuel oil inventories were 4pc higher than a year earlier, the narrowest year-on-year surplus in nine weeks.

Singapore’s net exports of fuel oil to Hong Kong topped the week ended May 29 at 170,000 tonnes, followed by China at 137,000 tonnes and Vietnam at 18,000 tonnes.

The largest net imports into Singapore originated from Malaysia at 217,000 tonnes, followed by Russia at 210,000 tonnes, Iraq at 118,000 tonnes and the United Arab Emirates at 115,000 tonnes.

Fuel oil inventories in Singapore have averaged 21.543 million barrels a week, or 3.215 million tonnes, in 2019, compared with 18.93 million barrels, or 2.825 million tonnes, in the previous year.
Source: Reuters

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