Singapore fuel oil inventories fall on lower Mideast imports
SINGAPORE, April 9 (Reuters) - Onshore fuel oil inventories in Singapore fell to their lowest level in 10 weeks amid reduced imports from the Middle East, data showed on Thursday.
Residual fuel stockpiles declined 7.4% to 21.72 million barrels (about 3.42 million metric tons) in the week to April 8, according to Enterprise Singapore data. O/SING1
Imports fell 31.9% week-on-week to about 625,000 tons. The top supply origin was Brazil.
Fuel oil imports from Brazil have been robust in the past weeks, easing some concerns over tight supply.
Middle East imports remained low as most shipments were trapped within the Strait of Hormuz.
Meanwhile, exports of fuel oil climbed 3.3% to above 309,000 tons, with most volumes bound for South Korea and China.
Despite a decline in inventories to below average levels, spot differentials for fuel oil have softened in recent sessions. The market continued to watch developments in the Strait of Hormuz. FUEL/A
Week to April 8, Fuel oil (in metric tons) |
Total Imports |
Total Exports |
Net Imports |
BRAZIL |
88,623 |
0 |
88,623 |
CHINA |
0 |
80,942 |
-80,942 |
EGYPT |
17,849 |
0 |
17,849 |
ESTONIA |
50,275 |
0 |
50,275 |
HONG KONG |
0 |
24,964 |
-24,964 |
INDIA |
34,076 |
0 |
34,076 |
INDONESIA |
55,920 |
17 |
55,903 |
IRAQ |
77,227 |
0 |
77,227 |
KOREA |
0 |
99,889 |
-99,889 |
MALAYSIA |
154,570 |
100,703 |
53,867 |
MAURITIUS |
0 |
2,799 |
-2,799 |
NIGERIA |
54,033 |
0 |
54,033 |
TAIWAN |
39,313 |
0 |
39,313 |
THAILAND |
39,092 |
0 |
39,092 |
UNITED STATES |
6,000 |
0 |
6,000 |
VIETNAM |
7,670 |
0 |
7,670 |
TOTAL |
624,647 |
309,314 |
315,333 |
(Data from Enterprise Singapore)
