Singapore fuel oil inventories ease on lower imports
SINGAPORE, May 28 (Reuters) - Onshore fuel oil inventories in Singapore fell this week as imports retreated, hovering at two-week lows, data showed on Thursday.
Residual fuel stockpiles dropped 3.7% to 20.70 million barrels (about 3.26 million metric tons) in the week to May 27, according to Enterprise Singapore data. O/SING1
Total imports fell 32% week-on-week to about 667,000 tons. Brazil was the top origin for supply inflows.
Arbitrage inflows from the West have partially made up for the shortfall in Middle Eastern barrels, with supply coming in from Europe, the United States as well as Mexico.
Meanwhile, total exports from the onshore tanks sank 61% to about 194,000 tons in the same week. Most of the volumes were headed for neighbouring storage hub Malaysia.
Spot premiums for fuel oil have been rangebound this week, though backwardation have narrowed for the prompt months. FUEL/A
Week to May 27, Fuel oil (in metric tons) |
Total Imports |
Total Exports |
Net Imports |
BRAZIL |
162,859 |
0 |
162,859 |
ESTONIA |
102,362 |
0 |
102,362 |
INDIA |
0 |
469 |
-469 |
INDONESIA |
0 |
2 |
-2 |
MALAYSIA |
130,909 |
181,373 |
-50,465 |
MEXICO |
48,001 |
0 |
48,001 |
NETHERLANDS |
90,938 |
0 |
90,938 |
RUSSIA |
99,227 |
0 |
99,227 |
SRI LANKA |
0 |
11,994 |
-11,994 |
TAIWAN |
0 |
0 |
0 |
UNITED KINGDOM |
0 |
0 |
0 |
UNITED STATES |
33,032 |
0 |
33,032 |
TOTAL |
667,328 |
193,838 |
473,491 |
(Data from Enterprise Singapore)