Singapore’s fuel oil stocks inch up 1% in December

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

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

• Residual fuel oil stocks up 320,000 bbls to 25.36 million bbls
• Middle distillate stocks down 670,000 bbls to 8.40 million bbls

Singapore’s fuel oil stocks have climbed above 25 million bbls, reaching their highest level so far this year.

Both imports and exports have risen during the month, with imports up by 497,000 bbls and exports increasing by a sharper 714,000 bbls.

In contrast, middle distillate stocks at the port have averaged 7% lower so far this month.

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

• Fuel oil imports up 497,000 bbls to 5.49 million bbls
• Fuel oil exports up 714,000 bbls to 2.67 million bbls
• Fuel oil net imports down 217,000 bbls to 2.82 million bbls

In Singapore, prompt availability of all grades remains very tight. All fuel grades require at least 10 days' advance notice. VLSFO availability is expected to improve from next week, according to a market source.

Only a limited number of suppliers are currently able to offer smaller HSFO parcels in Singapore, the source said.

By Shilpa Sharma

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