Singapore’s fuel oil stocks rise 3% in November

Singapore’s residual fuel oil stocks have averaged 3% higher so far this month than across October, Enterprise Singapore’s latest data shows.

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

• Residual fuel oil stocks up 780,000 bbls to 24.92 million bbls
• Middle distillate stocks down 410,000 bbls to 9.07 million bbls

Net fuel oil imports have risen by 3% so far in November, even though both imports and exports have declined. Imports have dropped by 652,000 bbls, while exports have seen a bigger fall of 744,000 bbls.

This month’s fuel oil imports have mainly come from Russia (16%), Brazil (13%) and Saudi Arabia (8%), according to data from cargo tracker Vortexa. On the export side, most volumes have gone to China (59%), with Malaysia (19%) taking a notable share.

Meanwhile, Singapore’s middle distillate inventories have fallen by 4% to 9.07 million bbls, the lowest level since July.

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

• Fuel oil imports down 652,000 bbls to 5.10 million bbls
• Fuel oil exports down 744,000 bbls to 1.99 million bbls
• Fuel oil net imports up 93,000 bbls to 3.12 million bbls

VLSFO lead times in Singapore remain inconsistent, ranging from around five days to as long as 11 days, compared with 2–10 days last week. HSFO availability is stable, with suppliers still requesting 6–9 days’ notice, and LSMGO lead time requirements remain unchanged at 2–8 days.

By Tuhin Roy

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