Singapore fuel oil stockpiles hit 1-month high as net imports rebound

Singapore’s onshore fuel oil stockpiles climbed to a one-month high as net imports rebounded after a sharp decline last week, data showed on Thursday.

Inventories for fuel oil STKRS-SIN climbed 3.2% to 22 million barrels (3.47 million metric tons) in the week ended March 20, latest data from Enterprise Singapore showed.

Net imports, which are calculated by subtracting total exports from total imports, were at about 750,000 tons, increasing by more than tenfold from last week, calculations based on the data showed.

Russia was the top origin for arrivals into landed storage in the week, followed by Brazil and Spain.

Meanwhile, top destinations for outflows from Singapore were China, Bangladesh and Sri Lanka.

High inventories and heavy incoming supplies have capped recovery in spot fuel oil premiums this month.

Singapore’s cash differential for 0.5% low sulphur fuel oil MFO05-SIN-DIF remained stuck in thin premiums below $2 a ton, while 380-cst high sulphur fuel oil FO380-SIN-DIF cash differential was steadily discounted to Singapore quotes.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Sherry Jacob-Phillips