Singapore fuel oil stockpiles slip, snaps four-week climb

By Jeslyn Lerh SINGAPORE, June 27 (Reuters) - Onshore fuel oil stockpiles at key trading and storage hub Singapore fell in the week ended June 26 after climbing for four straight weeks, the latest data showed Thursday. Inventories fell 15.4% to 19.29 million barrels (3.04 million metric tons) in the week ended June 26, hitting a two-week low, Enterprise Singapore data showed. Despite the weekly drop, the inventories remained ample, averaging 20.03 million barrels a week in June and higher than May's average of 18.09 million barrels a week. On the exports front, the top destinations for fuel oil outflows from Singapore's onshore tanks were Hong Kong, Bangladesh and Vietnam in the week ended June 26. Meanwhile, fuel oil imports mostly hailed from Brazil and the United States, as arbitrage flows from the West to Asia remained robust this month. More imports also arrived from Indonesia, with state-owned Pertamina offering consistent supplies via monthly tenders, recent records showed. Spot premiums for the low-sulphur market have remained rangebound for most of June before rebounding this week, while high-sulphur fuel premiums have come under pressure following a rally. Total incoming fuel oil supplies to Asia in June neared 6 million tons, higher compared to May volumes, data from LSEG Oil Research showed. Week to Jun 26, Fuel oil (in Total Imports Total Exports Net Imports metric tons) AUSTRALIA 53,257 0 53,257 BANGLADESH 0 21,306 -21,306 BRAZIL 139,849 0 139,849 CHINA 0 20,886 -20,886 CONGO 49,413 0 49,413 FIJI 0 0 0 GREECE 39,902 0 39,902 HONG KONG 0 43,474 -43,474 INDIA 0 96 -96 INDONESIA 113,598 6,565 107,033 JAPAN 34,311 0 34,311 KOREA 0 15,000 -15,000 KUWAIT 65,812 0 65,812 MALAYSIA 96,166 95,442 723 MEXICO 42,170 0 42,170 RUSSIA 100,587 0 100,587 THAILAND 51,777 0 51,777 UNITED STATES 127,307 0 127,307 VIETNAM 0 21,698 -21,698 TOTAL FOR 914,148 224,468 689,680 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Eileen Soreng)