Singapore’s fuel oil inventories surged by 9% in July

Residual fuel oil stocks in Singapore averaged 9% higher in July than in June, data from Enterprise Singapore shows.

Changes in monthly average Singapore stocks from June to July:

• Residual fuel oil stocks up 1.52 million bbls to 18.97 million bbls
• Middle distillate stocks up 73,000 bbls to 8.67 million bbls

Singapore's fuel oil inventories climbed above 18 million bbls in July, supported by a 77% increase in the port's net fuel oil imports. Imports rose by 1.33 million bbls during the month, while exports declined by 225,000 bbls.

Enterprise Singapore data shows that fuel oil inventories fell from more than 23 million bbls in March, to below 18 million bbls in June. Although stocks edged higher in July, they remained below 19 million bbls.

Brazil accounted for the largest share (16%) of Singapore's fuel oil imports, followed by India (10%) and the UAE (8%). On the export side, China (40%) remained the top destination, followed by South Korea (10%) and Bangladesh (9%).

Meanwhile, Singapore's middle distillate inventories also increased in July, averaging 9% above the previous month's levels.

Changes in monthly average Singapore fuel oil trade from June to July:

• Fuel oil imports up 1.33 million bbls to 5.27 million bbls
• Fuel oil exports down 225,000 bbls to 1.69 million bbls
• Fuel oil net imports up 1.56 million bbls to 3.58 million bbls

VLSFO availability in Singapore has tightened further, with suppliers now advising lead times of 16–20 days, up from 14–19 days last week. Supply remains constrained as the port's fuel oil inventories have not recovered to pre-conflict levels, while cargo arrivals continue to be impacted by renewed US-Iran hostilities that have disrupted vessel traffic through the Strait of Hormuz.

HSFO availability has also tightened, with recommended lead times extending to 12–15 days, from 9–13 days a week earlier. In contrast, LSMGO supply has improved, with lead times easing to 5–8 days, down from 9–11 days last week.

By Tuhin Roy

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