Singapore fuel oil inventories jump as weekly exports fall to over 7-year low

SINGAPORE, Sept 27 (Reuters) - Singapore fuel oil inventories jumped 15 percent to a 10-week

high in the week to Sept. 26, boosted by thin export volumes, official data showed on Thursday.

- Singapore's onshore fuel oil inventories surged 2.328 million barrels, or about 347,000

tonnes, to 17.616 million barrels, or 2.629 million tonnes, data from International Enterprise

(IE) Singapore showed.

- Singapore fuel oil exports totalled just 55,000 tonnes in the week to Sept. 26, the lowest

since June 2011. (O-SGEXP-FO)

- Low export volumes helped lift net fuel oil imports into Singapore to a two-week high of

966,000 tonnes, up 67 percent from the week before, the data showed.

- Singapore fuel oil net imports have averaged 774,000 tonnes per week in 2018.

- This week's onshore fuel oil inventories were 24 percent lower than a year ago.

- Singapore's net exports of fuel oil to Bangladesh topped the week ended Sept. 26 at 23,000

tonnes, followed by Indonesia at 7,500 tonnes and Myanmar at 10 tonnes.

- The largest net imports into Singapore originated from Russia at 274,000 tonnes, followed

by Malaysia at 191,000 tonnes, Belgium at 101,000 tonnes and Saudi Arabia at 90,000 tonnes.

- Fuel oil inventories in Singapore have averaged 19.166 million barrels, or 2.861 million

tonnes, a week since the start of 2018, compared with 23.552 million barrels, or 3.515 million

tonnes, in 2017.

Week to Sept 26 Total Imports Total Net Imports

Exports

Fuel oil (in tonnes) BANGLADESH 0 22,960 -22,960

BELGIUM 101,273 0 101,273

BRAZIL 75,578 0 75,578

BULGARIA 8,595 0 8,595

CHINA 0 0 0

GHANA 0 0 0

INDIA 66,243 443 65,799

INDONESIA 0 7,539 -7,539

IRAQ 41,999 0 41,999

KOREA, REP OF 2 0 2

MALAYSIA 214,624 24,008 190,616

MYANMAR 0 10 -10

POLAND 16,091 0 16,091

RUSSIA 273,771 0 273,771

SAUDI ARABIA 89,566 0 89,566

SPAIN 5,955 0 5,955

THAILAND 20,948 0 20,948

TURKEY 87,639 0 87,639

UNITED ARAB EMIRATES 16,145 0 16,145

UNITED STATES 2,489 0 2,489

TOTAL 1,020,917 54,960 965,957

(Reporting by Roslan Khasawneh; Editing by Subhranshu Sahu)