Singapore onshore fuel oil stockpiles fell for a second week to around a three-month low, data showed on Thursday.

Residue inventories (STKRS-SIN) were at 17.547 million barrels in the week to February 26, down 7.2% from the previous week, Enterprise Singapore data showed.

Onshore fuel oil stockpiles averaged at around 18.9 million barrels per week in February so far, down from January’s average of 20.41 million barrels.

Still, net imports rose 59% week-on-week, totalling 358,829 tons. The net imports were calculated by subtracting total exports from total imports in the week.

Most of the week’s fuel oil imports were from the United Arab Emirates, Brazil, and Indonesia.
Meanwhile, most exports were headed to China, Vietnam, and the Philippines.

However, Asia’s imports declined to 4.85 million metric tons for February, the lowest since January 2023 for the region as Russia supply fell, LSEG Oil Research said earlier this week.

Source: Reuters