Singapore’s fuel oil stocks fall 5% in April

Singapore’s residual fuel oil stocks have averaged 5% lower so far in April than across March, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks down 1.20 million bbls to 22.69 million bbls
• Middle distillate stocks up 1.28 million bbls to 9.56 million bbls

Singapore’s fuel oil inventories have fallen below 23 million bbls, amid a sharp 54% drop in the port’s net fuel oil imports so far this month. Imports have declined by 2.39 million bbls, while exports have increased modestly by 151,000 bbls.

Most of the fuel oil imports have come from Russia (36%), followed by the Netherlands (18%) and the US (10%), according to cargo tracking data from Vortexa. On the export side, Singapore has primarily supplied fuel oil to Malaysia (21%), China (19%), and Vietnam (13%).

Meanwhile, the port’s middle distillate inventories have averaged 15% higher so far this month, reaching their highest level since September.

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

• Fuel oil imports down 2.39 million bbls to 4.36 million bbls
• Fuel oil exports up 151,000 bbls to 2.18 million bbls
• Fuel oil net imports down 2.55 million bbls to 2.18 million bbls

In Singapore, VLSFO lead times have widened to a broad range of 4–13 days, compared with 6–11 days last week. HSFO lead times have also expanded to 3–12 days, versus 7–10 days previously. The wider spread in lead times indicates that some suppliers are still able to offer prompt deliveries, a source said.

Recommended lead times for LSMGO are steady at 2–7 days, largely unchanged from last week.

By Tuhin Roy

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