Singapore fuel oil inventories rise 10% coming into July
Singapore’s residual fuel oil stocks have averaged 10% higher so far this month than across June, Enterprise Singapore’s latest data shows.
Changes in monthly average Singapore stocks from June to July (so far):
- Residual fuel oil stocks up 1.73 million bbls to 19.18 million bbls
- Middle distillate stocks up 970,000 bbls to 8.91 million bbls
Singapore's fuel oil inventories have climbed above 19 million bbls, amid a sharp 105% increase in net fuel oil imports so far in July. Imports have risen by 1.92 million bbls, while exports have declined by 206,000 bbls.
Brazil (21%) has been the largest source of Singapore's fuel oil imports this month, followed by Nigeria (15%) and India (13%), according to cargo tracker Vortexa. On the export side, most cargoes have been destined for China (25%), followed by Malaysia (16%) and Indonesia (15%).
Meanwhile, Singapore's middle distillate inventories have increased by 12% so far this month to 8.91 million bbls.
Changes in Singapore fuel oil trade from June to July (so far):
- Fuel oil imports up 1.92 million bbls to 5.85 million bbls
- Fuel oil exports down 206,000 bbls to 1.71 million bbls
- Fuel oil net imports up 2.12 million bbls to 4.14 million bbls
Suppliers in Singapore are recommending lead times of around 12 days for VLSFO, a source said.
Recommended lead times are around 10 days for HSFO, while LSMGO remains more readily available, requiring about seven days.
By Tuhin Roy
Please get in touch with comments or additional info to news@engine.online
