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Singapore fuel oil stocks at four-week low as net imports ease

Jeslyn Lerh
·2-min read

By Jeslyn Lerh SINGAPORE, Oct 13 (Reuters) - Residual fuel oil stocks at key trading hub Singapore fell to a four week-low amid a drop in weekly net imports, official data showed on Thursday. Onshore fuel oil stocks were 12% lower at 20.20 million barrels (3.18 million tonnes) in the week ended Oct. 12, Enterprise Singapore data showed. Net imports were at 592,000 tonnes, declining by 14% from the previous week and hovering below September's weekly average of 599,000 tonnes. The largest net import volumes were from Malaysia at 268,000 tonnes, the United Arab Emirates at 130,000 tonnes and Brazil at 95,000 tonnes. Meanwhile, top destinations for Singapore's fuel oil net exports were China at 60,000 tonnes, Mozambique at 35,000 tonnes and Madagascar at 15,000 tonnes. But steady arrivals of fuel oil at Asia could contribute to regional inventory build-ups, or cap the extent of inventory drawdowns in the coming weeks. October fuel oil flows into East Asia, most of which are bound for Singapore, are expected to match September's 17-month high of about 5.70 million tonnes, Refinitiv Oil Research said this week. Fuel oil flows have been at 3.87 million tonnes so far in October, led by higher arrivals of cargoes from the West as Russian barrels continued to dominate the flows, latest weekly assessments by Refinitiv showed. Oct 5, Fuel oil (in tonnes) Total Imports Total Exports Net Imports ALGERIA 3,673 0 3,673 BRAZIL 95,050 0 95,050 BRUNEI 0 1 -1 CHINA 0 60,024 -60,024 HONG KONG 0 0 0 INDIA 0 591 -591 INDONESIA 9,982 14,317 -4,335 KOREA, REP OF 66,906 14,298 52,608 MADAGASCAR 0 15,352 -15,352 MALAYSIA 301,788 33,565 268,223 MALTA 16,150 0 16,150 MOZAMBIQUE 0 34,963 -34,963 NETHERLANDS 1,423 0 1,423 RUSSIA 29,886 0 29,886 SUDAN 26,950 0 26,950 TAIWAN 36,164 0 36,164 THAILAND 47,533 0 47,533 UNITED ARAB EMIRATES 129,760 0 129,760 UNITED STATES 0 0 0 TOTAL 765,265 173,111 592,153 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)