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Singapore fuel oil inventories climb despite lean net import volumes

Residual fuel oil inventories in the Singapore fuel oil trading and storage hub rose to a three-week high, in the week ended Sept. 25, despite thin net import volumes that sank to a nearly four-month low, according to official data. – Onshore fuel oil stocks jumped by 1.85 million barrels (about 276,000 tonnes), or 10%, from the previous week to 20.369 million barrels, or 3.04 million tonnes, data from Enterprise Singapore showed on Thursday. – The latest inventory figures snapped three straight weeks of declines.

This came despite lean net fuel oil import volumes, in the week ended Sept. 25, which dived 63% from the previous week to 220,000 tonnes and were well below the 2019 weekly average of 681,000 tonnes. However, such weekly figures are volatile. – Compared with year-ago levels, onshore fuel oil inventories came in 16% higher. – Singapore’s net exports of fuel oil to China topped the week at 125,000 tonnes, followed by Oman at 44,000 tonnes, Hong Kong at 38,000 tonnes and Bangladesh at just below 38,000 tonnes.

The largest net imports into Singapore originated from the United Arab Emirates at 165,000 tonnes, followed by Russia at 101,000 tonnes, India at 64,000 tonnes and Brazil at 51,000 tonnes. – Fuel oil inventories in Singapore have averaged 21.105 million barrels a week, or 3.15 million tonnes, in 2019, compared with 18.93 million barrels, or 2.83 million tonnes, in the previous year.
Source: Reuters (Reporting by Roslan Khasawneh; Editing by Sherry Jacob-Phillips)

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