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Singapore fuel oil inventories rebound despite weak net imports

By comparison, Singapore fuel oil net imports averaged 677,000 tonnes per week so far in 2021.

The largest net imports were from Malaysia at 542,000 tonnes, an 11-month high, followed by the United Arab Emirates (UAE) at 65,000 tonnes, the United States at 59,000 tonnes and Brazil at 56,000 tonnes.

The top net export destinations for Singapore fuel oil were Hong Kong at 205,000 tonnes, followed by Bangladesh at 105,000 tonnes and South Korea at 69,000 tonnes.

Singapore weekly fuel oil exports to Hong Kong were at their highest in more than two years while exports to Bangladesh were at a more than four-month high.

Assessments showed fuel oil flows into East Asia, most of which come to Singapore, were at 4.9 million tonnes in September, compared with 4.73 million tonnes in August, according to Refinitiv Oil Research.

“In October, we expect fuel oil inflows to be lower/steady against 2021 year-to-date averages of 5.15 million tonnes, as refiners globally redirect fuel oil into secondary units like hydrocrackers to optimise gasoil and jet output,” Refinitiv Oil Research said.
Source: Reuters (Reporting by Roslan Khasawneh; editing by Uttaresh.V)

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