Singapore’s fuel oil stocks dip 1% in January

Singapore’s residual fuel oil stocks have averaged 1% lower so far in January than across December, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from December to January (so far):

• Residual fuel oil stocks down 360,000 bbls to 25.44 million bbls
• Middle distillate stocks down 80,000 bbls to 8.18 million bbls

Singapore’s fuel oil inventories have stayed above 25 million bbls, amid a 35% increase in the port’s net fuel oil imports so far this month.

Fuel oil imports have risen by 373,000 bbls, while exports have fallen by 660,000 bbls. The bulk of this month’s fuel oil imports have originated from Russia (27%), Indonesia (12%) and Brazil (11%), according to cargo tracking data from Vortexa.

On the export side, Singapore has primarily shipped fuel oil to China (46%), Malaysia (18%) and South Korea (13%).

Meanwhile, middle distillate inventories at the port have also averaged 1% lower so far this month.

Changes in Singapore fuel oil trade from December to January (so far):

• Fuel oil imports up 373,000 bbls to 6.06 million bbls
• Fuel oil exports down 660,000 bbls to 2.04 million bbls
• Fuel oil net imports up 1.03 million bbls to 4.02 million bbls

In Singapore, VLSFO availability has tightened further due to several facing loading congestion, extending recommended lead times to 10–14 days from 7–11 days last week.

LSMGO remains readily available, with lead times holding steady at 2–5 days. HSFO supply continues to be tight, generally requiring 8–12 days of advance notice, broadly unchanged from last week’s 7–12 days.

By Tuhin Roy

Please get in touch with comments or additional info to news@engine.online