– Residual fuel oil stocks up by 11% to 27.23 million bbls
– Middle distillate stocks up by 4% to 13.46 million bbls
Fuel oil imports have been declining since mid-April in #Singapore, dropping below last month’s weekly average. Imports saw a 14% fall on the week to 5.01 million bbls – lowest since late December of last year.
At the same time, exports of residual fuels increased 59% week-on-week to a four-week high of 1.94 million bbls.
A combination of growing fuel oil and gasoil stocks and a slowdown in bunker demand has shortened lead times in in the bunkering hub.
VLSFO stems now require bookings 6-8 days ahead, down from more than 10 days a month ago.
LSMGO is also readily available in the port with 4-5 days of lead time needed, down from 5-7 days a month ago.
Source: ENGINE
