Singapore’s fuel oil inventories inch up 1% coming into November

Singapore’s residual fuel oil stocks have averaged 1% higher in the first week of 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 350,000 bbls to 24.48 million bbls
• Middle distillate stocks down 260,000 bbls to 9.22 million bbls

Singapore’s fuel oil inventories have remained above 24 million bbls, despite a 1% drop in the port’s net fuel oil imports so far this month. Imports have decreased by 1.22 million bbls, while exports have declined by 1.19 million bbls.

Meanwhile, middle distillate stocks at the port have averaged 3% lower during the same period.

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

• Fuel oil imports down 1.22 million bbls to 4.53 million bbls
• Fuel oil exports down 1.19 million bbls to 1.54 million bbls
• Fuel oil net imports down 29,000 bbls to 3 million bbls

Bunker demand in Singapore has stayed muted this week, a source said.

VLSFO supply has improved, with lead times averaging 5–10 days — a clear improvement from last week’s uneven range of four days to nearly two weeks. HSFO availability has also strengthened, with lead times reduced to 5–10 days from the previous 6–11 days.

However, LSMGO deliveries have turned more inconsistent, as several suppliers face tight loading schedules and limited stocks. Lead times for LSMGO now range between 5–17 days, up from last week’s shorter span of 4–9 days.

By Tuhin Roy

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