Singapore’s fuel oil stocks rise despite net lower imports

Residual fuel oil stocks in Singapore have averaged 4% higher so far this month compared to October, according to data from Enterprise Singapore.

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

• Residual fuel oil stocks up 1.08 million bbls to 25.22 million bbls
• Middle distillate stocks down 320,000 bbls to 9.16 million bbls

Singapore’s fuel oil stocks have climbed above 25 million bbls, even though the port’s net fuel oil imports have fallen by 16% this month. Both imports and exports have dropped, with imports down by 1.55 million bbls and exports decreasing by 1.05 million bbls.

Most of the incoming fuel oil cargoes has originated from the UAE (16%), Saudi Arabia (13%) and the US (11%), according to cargo tracker Vortexa. On the export side, the largest share of cargoes has headed to Russia (42%), followed by Estonia (15%) and Thailand (11%).

Meanwhile, Singapore’s middle distillate inventories have slipped, averaging 3% below last month’s levels.

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

• Fuel oil imports down 1.55 million bbls to 4.21 million bbls
• Fuel oil exports down 1.05 million bbls to 1.68 million bbls
• Fuel oil net imports down 497,000 bbls to 2.53 million bbls

In Singapore, VLSFO delivery times vary sharply between suppliers — some can deliver within three days, while others require up to 12 days. Last week, most suppliers were quoting 5–10 days. HSFO supply has tightened slightly, with lead times extending from last week’s 5–10 days to the current 7–12 days.

LSMGO availability has improved, with delivery windows now at 3–10 days, compared to 5–17 days previously.

By Tuhin Roy

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