Singapore’s fuel oil inventories drawn 5% coming into October

Singapore’s residual fuel oil stocks have averaged 5% lower so far in October than across September, according to Enterprise Singapore.

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

• Residual fuel oil stocks down 1.61 million bbls to 23.67 million bbls
• Middle distillate stocks up 340,000 bbls to 10.06 million bbls

Singapore’s fuel oil inventories have fallen below 24 million bbls, amid a sharp 37% decline in net fuel imports this month. Imports dropped by 1.40 million bbls, while exports fell by 236,000 bbls.

The largest shares of fuel oil imports came from Russia (21%), the UAE (14%), and Estonia (10%), according to cargo tracker Vortexa. On the export side, more than half of the shipments went to China (59%), followed by South Korea (20%) and Malaysia (12%).

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

Changes in weekly average Singapore fuel oil trade from September to October (so far):

• Fuel oil imports down 1.40 million bbls to 3.86 million bbls
• Fuel oil exports down 236,000 bbls to 1.86 million bbls
• Fuel oil net imports down 1.16 million bbls to 1.99 million bbls

Despite “slow” bunker demand in Singapore, VLSFO availability has tightened, with lead times increasing from 7–10 days last week, to 8–14 days now. HSFO and LSMGO require lead times of around 6–10 days, compared to last week's 8–10 days and 4–8 days, respectively.

By Tuhin Roy

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