Singapore fuel oil stockpiles rebound to four-week high

Onshore fuel oil stockpiles at key trading and storage hub Singapore rebounded to a four-week high as net imports recovered, data showed on Thursday.

Inventories rose 13.1% to 20.13 million barrels (3.17 million metric tons) in the week ended July 17, after sliding last week, Enterprise Singapore data showed.

The rebound was led by a recovery in net imports, which more than doubled week-on-week to about 790,000 tons, calculations based on the data showed.

Top cargo origins for the week were the United Arab Emirates and Nigeria, excluding storage movements from Malaysia.

Asia received a low-sulphur straight-run fuel oil cargo from Nigeria’s new Dangote refinery for the first time in June, according to ship-tracking data and market sources.

Meanwhile, export volumes out of Singapore were mostly headed for Bangladesh and the Philippines.

Overall onshore inventories for fuel oil averaged lower per week in July so far, compared with June.

Spot premiums for fuel oil have rebounded in recent sessions, with both high-sulphur and low-sulphur premiums climbing nearer to $6 per ton this week.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)