Singapore fuel oil inventories increase 6% this month

Singapore’s residual fuel oil stocks have averaged 6% higher so far in September than across August, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from August to September (so far):

• Residual fuel oil stocks up 1.11 million bbls to 20.09 million bbls
• Middle distillate stocks up 160,000 bbls to 8.35 million bbls

Singapore’s fuel oil stocks have risen above 20 million bbls, amid a 12% increase in net fuel oil imports so far in September.

Fuel oil imports have increased by 145,000 bbls, while exports have declined by 189,000 bbls.

Syria (13%) has been the largest source of Singapore’s fuel oil imports this month, followed by the UAE (10%) and Brazil (8%), according to cargo tracker Vortexa.

On the export side, China (27%) has received the largest share of Singapore’s fuel oil cargoes, followed by Malaysia (22%) and South Korea (21%).

Singapore’s middle distillate inventories have also increased by 2% this month to 8.35 million bbls.

Changes in Singapore fuel oil trade from August to September (so far):

• Fuel oil imports up 145,000 bbls to 4.72 million bbls
• Fuel oil exports down 189,000 bbls to 1.67 million bbls
• Fuel oil net imports up 334,000 bbls to 3.04 million bbls

Singapore’s bunker market remains tight, with recommended lead times for VLSFO at 13-17 days, almost unchanged from 13-16 days a week earlier.

HSFO availability has improved slightly, with advised lead times easing to 9-12 days from 10-19 days last week. LSMGO supply has also strengthened, with lead times narrowing to 5-7 days from 6-8 days previously.

By Tuhin Roy

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