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Singapore fuel oil inventories edge higher despite plummeting net imports

By comparison, Singapore’s weekly fuel oil net imports averaged 675,000 tonnes so far in 2021.

The largest net imports were from Thailand at 93,000 tonnes, followed by the United Arab Emirates (UAE) at 75,000 tonnes, Indonesia at 68,000 tonnes and Japan at 50,000 tonnes.

Singapore fuel oil net imports from Malaysia were at their lowest in at least six years, or as far as available records go, at 27,000 tonnes while those from Thailand were at a more than two-year high.

The top net export destinations for Singapore fuel oil were Bangladesh at 82,000 tonnes, followed by India at 65,000 tonnes and Malaysia at 63,000 tonnes.

Preliminary assessments showed fuel oil flows into East Asia, most of which come to Singapore, were at 5.57 million tonnes in September so far, compared with 4.75 million tonnes in August, according to Refinitiv Oil Research.

Strong fuel oil demand from the utilities and refining sectors, as well as limited output, dragged Singapore fuel oil inventories to a more than six-month low of 20.7 million barrels in the week to Sept. 1. ,
Source: Reuters (Reporting by Roslan Khasawneh; Editing by Rashmi Aich)

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