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Singapore fuel oil stocks rebound; imports from Brazil, Indonesia and Kuwait surge

Residual fuel oil stocks at key trading hub Singapore rose after declining for three straight weeks, led by an uptick in supplies from Brazil, Indonesia and Kuwait, official data showed Thursday.

Onshore fuel oil stocks rose 6% to a three-week high of 20.71 million barrels (3.26 million tonnes) in the week ended Feb. 1, Enterprise Singapore data showed.

Weekly net imports climbed 85% to 697,000 tonnes in the same week, as Western and regional Asian supplies picked up into end-January.

The largest net fuel oil imports were from Brazil at 154,000 tonnes, followed by Indonesia at 139,000 tonnes and Kuwait at 127,000 tonnes, displacing Malaysia from the top three positions for the first time this year.

Western arbitrage supplies have been firm in January, though the trend could slow down a little into the second half of February, trade sources said.

Inflows from Indonesia picked up amid regular tender offers, while Kuwait’s Al Zour refinery has also been active in offering cargoes since November last year as it ramps up operations.

Meanwhile, top destinations for fuel oil net exports from Singapore were all within Asia. Outflows to China were at 43,000 tonnes, followed by Hong Kong at 38,000 tonnes and South Korea at 29,000 tonnes.

Premiums for 0.5% very low sulphur fuel oil rebounded to six-month highs in recent trading sessions, while premiums for 380-cst high sulphur fuel oil were little changed.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Rashmi Aich)

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