Singapore fuel oil stockpiles recover to three-week highs

Singapore’s onshore fuel oil stockpiles rebounded to three-week highs in the week to May 8 as more imports found their way into landed tanks, data showed on Thursday.

Inventories for fuel oil STKRS-SIN rose 16.4% to 20.75 million barrels (3.27 million metric tons), after sliding for two weeks, Enterprise Singapore data showed. O/SING1

Total imports climbed 51.8% to over 1.2 million tons in the week to May 8, led by an influx of Russian and Brazillian arrivals.

Meanwhile, total exports climbed to nearly 390,000 tons, more than doubling from last week. Most of the cargoes ended up in China and Bangladesh.

Singapore’s fuel oil benchmarks have extended a seasonal uptrend as the market eyed less incoming supplies from the Middle East, though the rally showed signs of paring this week.

The cash differential for 380-cst high sulphur fuel oil steadied at about $8 a ton, while 0.5% low sulphur fuel oil held in rangebound premiums near $5 a ton.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Mrigank Dhaniwala)