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

By Jeslyn Lerh SINGAPORE, July 11 (Reuters) - 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 slipped 9.1% to 17.81 million barrels (2.80 million metric tons) in the week ended July 10, Enterprise Singapore data showed. 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 Total Total Net Imports metric tons) Imports Exports 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 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Susan Fenton)