Singapore fuel oil stocks inch up 3% coming into November

Singapore’s residual fuel oil stocks have averaged 3% higher so far in November than across October, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from October to November (so far):

• Residual fuel oil stocks up 580,000 bbls to 19.14 million bbls
• Middle distillate stocks down 1.11 million bbls to 8.03 million bbls

Singapore’s fuel oil stocks have risen above 19 million bbls, amid a 14% increase in net fuel oil imports so far in November. Both imports and exports have risen, with imports increasing by 578,000 bbls and exports by a modest 31,000 bbls.

Venezuela (20%) has been the largest source of Singapore’s fuel oil imports this month, followed by Russia (15%) and Kuwait (14%), according to cargo tracker Vortexa.

On the export side, Malaysia (59%) has received the largest share of Singapore’s fuel oil cargoes, followed by Australia (17%) and Bangladesh (10%).

Meanwhile, Singapore’s middle distillate inventories have fallen by 12% so far this month to 8.03 million bbls.

Changes in monthly average Singapore fuel oil trade from October to November (so far):

• Fuel oil imports up 578,000 bbls to 6.46 million bbls
• Fuel oil exports up 31,000 bbls to 2.12 million bbls
• Fuel oil net imports up 547,000 bbls to 4.34 million bbls

In Singapore, recommended lead times for VLSFO are around 13-15 days, with the range narrowing from around 13 days to more than three weeks last week.

HSFO lead times have also settled at 13-15 days, compared with a range of around 10 days to as long as three weeks previously. LSMGO lead times have eased slightly to 8-10 days from 9-11 days last week.

By Tuhin Roy

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