Singapore fuel oil stockpiles hit six-week low, imports more than halve

July 15, 2024

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.

Week to July 10, Fuel oil (in metric tons)	Total Imports	Total Exports	Net Imports
AUSTRALIA	44,858	0	44,858
BANGLADESH	0	25,055	-25,055
BRAZIL	54,297	0	54,297
INDIA	19,005	0	19,005
INDONESIA	66,919	13,264	53,654
IRAQ	27,355	0	27,355
KOREA	0	38,003	-38,003
MALAYSIA	236,545	85,184	151,361
MEXICO	53,716	0	53,716
NETHERLANDS	1,231	0	1,231
NEW CALEDONIA	0	8,397	-8,397
PHILIPPINES	0	43,281	-43,281
THAILAND	18,164	0	18,164
UNITED ARAB EMIRATES	29,948	0	29,948
VIETNAM	5,052	5,096	-44
TOTAL	557,089	218,280	338,809