Singapore’s fuel oil inventories decline 18% this month
Singapore’s residual fuel oil stocks have averaged 18% lower so far in June than across May, Enterprise Singapore’s latest data shows.
Changes in monthly average Singapore stocks from May to June (so far):
- Residual fuel oil stocks down 3.59 million bbls to 16.71 million bbls
- Middle distillate stocks down 1.26 million bbls to 7.89 million bbls
Singapore's fuel oil inventories have dropped below 17 million bbls, amid a sharp 37% decline in the port's net fuel oil imports so far this month. Imports fell by 849,000 bbls, while exports rose by a modest 127,000 bbls.
Russia accounted for the largest share of Singapore's fuel oil imports at 21%, followed by Brazil (14%) and Indonesia (10%), according to cargo tracking firm Vortexa.
China remained the top destination for Singapore's fuel oil exports, receiving 30% of total shipments. Malaysia followed with 16%, while the US accounted for 11%.
Singapore's middle distillate inventories have also fallen, averaging 7.89 million bbls so far this month. Stocks are down 14% from previous levels, pushing inventories to multi-year lows.
Changes in Singapore fuel oil trade from May to June (so far):
- Fuel oil imports down 849,000 bbls to 3.87 million bbls
- Fuel oil exports up 127,000 bbls to 2.20 million bbls
- Fuel oil net imports down 976,000 bbls to 1.66 million bbls
VLSFO supply in Singapore remains under pressure, with recommended lead times varying significantly among suppliers. While some can deliver in around nine days, others are advising lead times of more than three weeks. This compares with 10–14 days recommended a week ago.
Suppliers are recommending lead times of 5–13 days for HSFO, compared to 7–10 days last week. Lead times for LSMGO remain largely stable at 6–10 days.
By Tuhin Roy
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