Singapore’s fuel oil stocks inch up 3% coming into February

Singapore’s residual fuel oil stocks have averaged 3% higher so far in the first week of 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 up 650,000 bbls to 24.20 million bbls
• Middle distillate stocks up 520,000 bbls to 8.93 million bbls

Singapore’s fuel oil inventories have risen above 24 million bbls, even as the port’s net fuel oil imports declined by 8% so far this month. During this period, fuel oil imports increased by 789,000 bbls, while exports rose by a larger 1.07 million bbls.

According to cargo tracker Vortexa, Singapore’s fuel oil imports this month have mainly originated from the UAE (25%) and the Netherlands (24%), followed by Denmark (13%). On the export side, Malaysia has received the largest share (40%), with the French Overseas Territories (Pacific) and Pakistan accounting for notable portions of 13% and 10%, respectively.

Meanwhile, the port’s middle distillate inventories have climbed by 6% this month to 8.93 million bbls, their highest level since November.

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

• Fuel oil imports up 789,000 bbls to 6.15 million bbls
• Fuel oil exports up 1.07 million bbls to 3.06 million bbls
• Fuel oil net imports down 283,000 bbls to 3.09 million bbls

In Singapore, VLSFO supply remains tight as ongoing terminal loading delays continue to disrupt bunker operations for several suppliers, pushing some January bookings into February. Recommended lead times for the grade have risen to 10–18 days, from 12–14 days last week. Tight supply conditions are likely to persist through the first half of February, a source said.

HSFO availability has also tightened, with deliveries now typically requiring 11–18 days of advance notice, compared with 9–12 days last week. By contrast, LSMGO supply has improved, with lead times shortening to 3–5 days from 7–9 days previously.

By Tuhin Roy

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