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Singapore fuel oil stockpiles rebound after recent sharp draw

Jeslyn Lerh
·2-min read

By Jeslyn Lerh SINGAPORE, May 30 (Reuters) - Onshore fuel oil stockpiles at key storage hub Singapore rebounded this week after slumping to a 5-1/2-year low last week, data showed on Thursday. The inventories climbed 7.7% to 16.99 million barrels (2.68 million metric tons) in the week ended May 29, reaching a two-week high, Enterprise Singapore data showed. Stockpile levels have drawn lower in recent weeks as incoming supplies to Asia fell, with the Middle East exporting less cargo during its summer months on peak domestic demand. Fuel oil inventories averaged 18.09 million barrels a week in May, extending a slide from an average of 20.80 million barrels in April and 20.97 million barrels in March. The recent drawdown in inventories and supplies have kept fuel oil price benchmarks supported for high-sulphur fuel oil, with cracks for the 380-cst grade holding near a nine-month high this week. Supplies to the wider Asia region eased for a second straight month, remaining below 6 million tons in May, ship-tracking data from LSEG Oil Research showed. On exports, the top destinations for fuel oil outflows from Singapore onshore tanks included South Korea, the Philippines and Hong Kong, based on Enterprise Singapore. Meanwhile, most of Singapore's fuel oil inflows originated from the United Arab Emirates and Indonesia in the week ended May 29. Week to May 29, Fuel oil (in Total Total Net Imports metric tons) Imports Exports BANGLADESH 0 15,047 -15,047 HONG KONG 0 43,998 -43,998 INDIA 30,214 0 30,214 INDONESIA 88,599 6,680 81,918 JAPAN 24,491 0 24,491 KOREA, REP OF 0 74,870 -74,869 MALAYSIA 289,037 108,516 180,521 MEXICO 55,624 0 55,624 NEPAL 0 81 -81 NETHERLANDS 2,569 0 2,569 PHILIPPINES 0 44,701 -44,701 SRI LANKA 0 11,407 -11,407 TAIWAN 25,287 0 25,287 UNITED ARAB EMIRATES 152,206 0 152,206 UNITED STATES 0 0 0 VIETNAM 1 5,875 -5,874 TOTAL 668,028 311,176 356,852 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Eileen Soreng)