Singapore fuel oil stocks inch up despite lower net imports

Residual fuel oil stocks in Singapore have averaged 3% higher so far this month compared to August, according to data from Enterprise Singapore.

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

• Residual fuel oil stocks up 745,000 bbls to 25.97 million bbls
• Middle distillate stocks up 417,000 bbls to 9.79 million bbls

Singapore’s fuel oil inventories have risen above 25 million bbls, even as the port’s net fuel oil imports have declined by 19% so far this month. Both imports and exports declined during this period, with imports falling by 1.85 million bbls, compared to a smaller 1.16 million-bbl drop in exports.

Most of fuel oil imports have come from the UAE (15%), Russia (14%) and Malaysia (12%), data from cargo tracker Vortexa shows. On the export side, nearly half of Singapore’s fuel oil cargoes have departed for China (50%), followed by Malaysia (27%) and South Korea (9%).

Meanwhile, the port’s middle distillate stocks have increased, averaging 4% higher than last month’s levels.

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

• Fuel oil imports down 1.85 million bbls to 4.32 million bbls
• Fuel oil exports down 1.16 million bbls to 1.38 million bbls
• Fuel oil net imports down 694,000 bbls to 2.94 million bbls

VLSFO availability has improved in the port, with recommended lead times now at 7–10 days, compared to last week when delivery times varied widely between suppliers from eight days to nearly two weeks.

HSFO supply remains steady, with unchanged lead times of 8–12 days. LSMGO availability has also strengthened, with the delivery window narrowing to 4–8 days, down from 5–10 days last week.

By Tuhin Roy

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