Singapore fuel oil stockpiles rebound to four-week high

By Jeslyn Lerh SINGAPORE, July 18 (Reuters) - Onshore fuel oil stockpiles at key trading and storage hub Singapore rebounded to a four-week high as net imports recovered, data showed on Thursday. Inventories rose 13.1% to 20.13 million barrels (3.17 million metric tons) in the week ended July 17, after sliding last week, Enterprise Singapore data showed. The rebound was led by a recovery in net imports, which more than doubled week-on-week to about 790,000 tons, calculations based on the data showed. Top cargo origins for the week were the United Arab Emirates and Nigeria, excluding storage movements from Malaysia. Asia received a low-sulphur straight-run fuel oil cargo from Nigeria's new Dangote refinery for the first time in June, according to ship-tracking data and market sources. Meanwhile, export volumes out of Singapore were mostly headed for Bangladesh and the Philippines. Overall onshore inventories for fuel oil averaged lower per week in July so far, compared with June. Spot premiums for fuel oil have rebounded in recent sessions, with both high-sulphur and low-sulphur premiums climbing nearer to $6 per ton this week. Week to July 17, Fuel oil (in Total Total Net Imports metric tons) Imports Exports AUSTRALIA 30,586 25,656 4,931 BANGLADESH 0 19,067 -19,067 CHINA 0 27 -27 INDIA 33,246 0 33,246 INDONESIA 33,618 4 33,613 IRAQ 40,784 0 40,784 MALAYSIA 345,087 62,963 282,124 NETHERLANDS 29,066 0 29,066 NIGERIA 68,950 0 68,950 PHILIPPINES 0 9,992 -9,992 THAILAND 9,559 0 9,559 UNITED ARAB EMIRATES 309,618 0 309,618 VIETNAM 6,988 399 6,589 TOTAL 907,502 118,109 789,393 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)