Singapore’s fuel oil stocks declined by 14% in June

Residual fuel oil stocks in Singapore averaged 14% lower in June than in May, data from Enterprise Singapore shows.

Changes in monthly average Singapore stocks from May to June:

• Residual fuel oil stocks down 2.86 million bbls to 17.45 million bbls
• Middle distillate stocks down 1.21 million bbls to 7.94 million bbls

Singapore's fuel oil inventories dropped below 18 million bbls in June, amid a 24% decline in the port's net fuel oil imports. Imports fell by 781,000 bbls during the month, while exports recorded a more modest decline of 158,000 bbls.

The largest share of Singapore's fuel oil imports came from Russia (19%), followed by Brazil (14%) and Indonesia (10%). Meanwhile, China (23%), Malaysia (19%) and the US (10%) were the top destinations for the port's fuel oil exports.

Singapore's middle distillate inventories also declined in June, averaging 13% below the previous month's level.

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

• Fuel oil imports down 781,000 bbls to 3.94 million bbls
• Fuel oil exports down 158,000 bbls to 1.92 million bbls
• Fuel oil net imports down 622,000 bbls to 2.02 million bbls

VLSFO availability in Singapore remains tight, with recommended lead times continuing to vary significantly between suppliers. While some can deliver within nine days, others are quoting lead times of more than four weeks. The lower end of the range is unchanged from last week, but the upper end has extended from around three weeks previously.

Recommended lead times for HSFO have narrowed to 7–11 days, from 5–13 days last week. LSMGO availability has improved slightly, with suppliers now recommending lead times of 3–8 days, compared with 6–10 days a week earlier.

By Tuhin Roy

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