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Singapore fuel oil stockpiles extend climb for second week

Onshore fuel oil volumes stored at key trading hub Singapore rose for a second straight week as exports fell at a quicker pace than imports, official data showed on Thursday.

The inventories STKRS-SIN climbed nearly 5% to 17.59 million barrels (about 2.77 million metric tons) in the week to Oct. 9, reaching their highest level in three weeks, based on data from Enterprise Singapore.

Meanwhile, total fuel oil imports fell nearly 12.7% week-on-week to around 758,000 tons, with most cargoes hailing from the United States and the Netherlands.

Despite this, inventories rose as exports dropped almost 26.6% from the previous week, totalling about 294,000 tons. Most of the week’s outflows were bound for China, excluding movements into storage hub Malaysia.

Net imports, calculated by subtracting total exports from total imports, ticked 0.76% lower from the previous week to 464,000 tons.

High-sulphur 380-cst ex-wharf bunker premiums held firm at an average of $19.20/mt this week, peaking at $23/mt at the start of the month versus September’s average of $13.36/mt, indicating prompt supply tightness remains, LSEG Oil Research said.

Heavy arrivals of low-sulphur fuel oil crude blendstocks in September narrowed ex-wharf premiums by about $6/mt on-month to $15.70/mt as of Oct. 7, LSEG Oil Research said.
Source: Reuters (Reporting by Gabrielle Ng; Editing by Mrigank Dhaniwala)

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