Advertisement
Singapore markets closed

  • Straits Times Index

    3,410.81
    -29.07 (-0.85%)
     

  • Nikkei

    40,912.37
    -1.28 (-0.00%)
     

  • Hang Seng

    17,799.61
    -228.67 (-1.27%)
     

  • FTSE 100

    8,203.93
    -37.33 (-0.45%)
     

  • Bitcoin USD

    56,661.62
    +2,270.59 (+4.17%)
     

  • CMC Crypto 200

    1,179.44
    -29.25 (-2.43%)
     

  • S&P 500

    5,567.19
    +30.17 (+0.54%)
     

  • Dow

    39,375.87
    +67.87 (+0.17%)
     

  • Nasdaq

    18,352.76
    +164.46 (+0.90%)
     

  • Gold

    2,399.80
    +30.40 (+1.28%)
     

  • Crude Oil

    83.44
    -0.44 (-0.52%)
     

  • 10-Yr Bond

    4.2720
    -0.0830 (-1.91%)
     

  • FTSE Bursa Malaysia

    1,611.02
    -5.73 (-0.35%)
     

  • Jakarta Composite Index

    7,253.37
    +32.48 (+0.45%)
     

  • PSE Index

    6,492.75
    -14.74 (-0.23%)
     

Singapore fuel oil inventories extend decline to 11-week lows

Jeslyn Lerh
·2-min read

* Total imports into onshore storage tanks slump * Strong market backwardation discourages storage * No import volume from the Middle East and the West By Jeslyn Lerh SINGAPORE, Oct 5 (Reuters) - Residual fuel oil stocks at key trading hub Singapore fell further to 11 week-lows as imports slumped, official data showed on Thursday. Onshore fuel oil stocks fell 2.0% to 19.37 million barrels (3.05 million metric tons) in the week to Oct 4, down for a second week, Enterprise Singapore data showed. Weekly net imports, calculated by subtracting total exports from total imports, fell 85.4% from last week to 122,000 tons. Imports into storage have declined in recent weeks amid strong market backwardation, which disincentivises oil storage economics. Front-month prices are higher than those in the future months in a backwardated market. The prompt month backwardation timespread for 0.5% very low sulphur fuel oil widened to a four-month high in early October, LSEG data showed. The balance-October/November timespread was pegged at $18 a ton in Asia morning on Thursday. Most of the trade flows were regional, with supplies moving within Asia itself, the data from Enterprise Singapore showed. Japan became the top origin for Singapore's net fuel oil import volumes at 51,000 tons, while South Korea was the top destination for net fuel oil export volumes at 39,000 tons. The overall decline in total fuel oil imports was driven by absent volumes from the Middle East and the West in the week to Oct. 4, as these are typically the top origins for Singapore's imports. Oct 4, Fuel oil (in tons) Total Total Net Imports Exports Imports BANGLADESH 0 25,021 -25,021 CHINA 0 25 -25 INDIA 33,851 160 33,691 INDONESIA 55,203 6,693 48,509 JAPAN 51,393 0 51,393 KOREA, REP OF 0 39,252 -39,252 MALAYSIA 120,676 119,866 810 PHILIPPINES 0 17,954 -17,954 SRI LANKA 0 9,988 -9,988 SUDAN 38,909 0 38,909 TAIWAN 40,931 0 40,931 UNITED ARAB EMIRATES 0 12 -12 TOTAL FOR 27101979 340,963 218,971 121,992 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by William Maclean)