Singapore fuel oil inventories fall on lower Mideast imports

- 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)