Singapore fuel oil stocks drop as weekly net imports slump
Residual fuel oil stocks at key trading hub Singapore fell for a third consecutive week amid a sharp decline in weekly net imports.
Onshore fuel oil stocks dipped 3% to 12-week lows of 19.59 million barrels (3.09 million tonnes) in the week ended Jan. 25, Enterprise Singapore data showed.
Weekly net imports dived by 39% to 376,000 tonnes in the same week, as more supplies were exported regionally within Asia.
Largest net fuel oil imports into Singapore were from Malaysia at 189,000 tonnes, followed by Brazil at 101,000 tonnes and Pakistan at 55,000 tonnes.
Top destinations for fuel oil net exports from Singapore were Japan at 50,000 tonnes, Philippines at 46,000 tonnes and Thailand at 40,000 tonnes.
Reflecting lower inventories and stable bunkering demand, spot fuel oil premiums in Singapore have found support in recent sessions.
Premiums for 0.5% very low sulphur fuel oil (MFO05-SIN-DIF) hit five-month highs in the previous week, while premiums for 380-cst high sulphur fuel oil (FO380-SIN-DIF) have also extended a mild uptrend.