Singapore fuel oil stockpiles dip 1.4% amid uptick in exports

By Jeslyn Lerh SINGAPORE, July 25 (Reuters) - Onshore fuel oil stockpiles at key trading and storage hub Singapore inched down 1.4% to a two-week low, as exports rose more than imports, data showed on Thursday. Inventories were at 19.86 million barrels (3.13 million metric tons) in the week ended July 24, after rising sharply last week, Enterprise Singapore data showed. Total exports more than tripled to about 460,000 tons, led by higher outflows to China, Hong Kong and Bangladesh. Meanwhile, most of the week's imports originated from Russia, Brazil and the United Arab Emirates, the data showed. Net imports, which are calculated by subtracting total exports from total imports, were at about 749,000 tons, down 5.1% from the previous week. Overall inventories continued to average lower in July so far at about 19.35 million tons per week, compared with June's 20.03 million tons per week. Spot fuel oil premiums for both high-sulphur and low-sulphur grades have rebounded in recent sessions. Week to July 24, Fuel oil (in Total Total Net metric tons) Imports Exports Imports AUSTRALIA 60,713 0 60,713 BANGLADESH 0 56,117 -56,117 BRAZIL 192,077 0 192,077 CHINA 0 136,190 -136,190 DENMARK 28,902 0 28,902 ESTONIA 45,095 0 45,095 HONG KONG 0 91,007 -91,007 INDIA 0 13,299 -13,299 INDONESIA 0 0 0 IRAQ 103,131 0 103,131 JAPAN 16,616 0 16,616 KOREA, REP OF 0 0 0 MALAYSIA 159,415 147,697 11,718 NEPAL 0 42 -42 NETHERLANDS 56,688 0 56,688 PAKISTAN 56,723 0 56,723 PHILIPPINES 0 15,983 -15,983 PORTUGAL 70,961 0 70,961 RUSSIA 198,681 0 198,681 TAIWAN 20,812 0 20,812 UNITED ARAB EMIRATES 170,682 0 170,682 UNITED KINGDOM 21,671 0 21,671 UNITED STATES 0 0 0 VIETNAM 6,994 0 6,994 TOTAL 1,209,164 460,335 748,828 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Varun H K)