Onshore fuel oil stockpiles at key trading and storage hub Singapore fell to a six-week low, data showed on Thursday, after imports more than halved from the previous week.

Inventories STKRS-SIN slipped 9.1% to 17.81 million barrels (2.80 million metric tons) in the week ended July 10, Enterprise Singapore data showed. O/SING1

The drop in inventories emerged after imports into onshore tanks dropped by more than 55% compared to the previous week, totalling nearly 557,100 tons.

Top cargo origins for the week included Brazil and Indonesia, excluding storage movements from Malaysia.

Meanwhile, export volumes totalled close to 218,300 tons, sliding 29% from the previous week. Most of the volumes headed for Philippines, South Korea and Bangladesh.

Despite the decline in weekly inventories, the broader market remains amply supplied, according to industry sources.

Cargo inflows from Russia and the West to East Asia totalled about 3 million tons for July, stable-to-higher from June, calculations based on LSEG ship-tracking data showed this week.

(Data from Enterprise Singapore)

Source: Reuters reported by Jeslyn Lerh and edited by Susan Fenton