Singapore’s fuel oil stocks edge down amid lower net imports

Singapore’s residual fuel oil stocks have averaged 2% lower so far in February than across January, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks down 410,000 bbls to 23.14 million bbls
• Middle distillate stocks up 390,000 bbls to 8.79 million bbls

Singapore’s fuel oil inventories have fallen below 24 million bbls, amid a 13% decline in the port’s net fuel oil imports so far this month. While fuel oil imports have increased by 259,000 bbls, exports have risen more sharply, up by 680,000 bbls.

Most of the month’s fuel oil imports have come from Kuwait, Nigeria (11%) and Japan (10%), according to cargo tracking data from Vortexa. On the export side, Singapore has mainly shipped fuel oil to China (43%), Russia (8%) and Malaysia (7%).

Meanwhile, the port’s middle distillate inventories have averaged 5% higher so far this month, reaching their highest level since November.

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

• Fuel oil imports up 259,000 bbls to 5.62 million bbls
• Fuel oil exports up 680,000 bbls to 2.67 million bbls
• Fuel oil net imports down 422,000 bbls to 2.95 million bbls

In Singapore, VLSFO supply continues to be tight, with recommended lead times of 8–13 days, broadly similar to last week’s 9–13 days. HSFO availability also remains constrained, although lead times have tightened to 8–12 days from the previous range of 7–18 days.

For LSMGO, suppliers are generally advising 6–10 days, compared with a wider 2–10-day range last week.

By Tuhin Roy

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