Singapore’s fuel oil inventories increase 4% in March

Singapore’s residual fuel oil stocks have averaged 4% higher so far this month compared to February, according to the latest data from Enterprise Singapore.

Changes in monthly average Singapore stocks from February to March (so far):

• Residual fuel oil stocks up 980,000 bbls to 24 million bbls
• Middle distillate stocks down 590,000 bbls to 7.88 million bbls

Singapore’s fuel oil inventories are holding at around 24 million bbls amid a sharp 51% surge in net fuel oil imports so far in March. Total imports have risen by 1.33 million bbls, while exports have declined by 325,000 bbls.

This month’s fuel oil imports have primarily originated from Russia (29%), followed by Brazil (16%) and the UAE (10%), according to cargo tracker Vortexa. On the export side, most volumes have been shipped to China (31%), with South Korea (11%) and Malaysia (9%) accounting for notable shares.

Meanwhile, Singapore’s middle distillate inventories have dropped by 7% to 7.88 million bbls, reaching multi-year lows.

Changes in Singapore fuel oil trade from February to March (so far):

• Fuel oil imports up 1.33 million bbls to 6.96 million bbls
• Fuel oil exports down 325,000 bbls to 2.05 million bbls
• Fuel oil net imports up 1.65 million bbls to 4.91 million bbls

In the prompt market, VLSFO remains under pressure, with lead times at 8–11 days, while HSFO availability continues to be constrained within a 9–16-day range, largely unchanged week on week. Lead times for LSMGO have widened from 6–9 days last week to 5–12 days currently.

By Tuhin Roy

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