Singapore's residual fuel oil inventories climbed 3% in the week to Aug. 5 as export volumes plummeted to a near four-month low, official data showed on Thursday. Onshore fuel oil stocks rose 642,000 barrels, or about 101,000 tonnes, to a three-week high of 24.234 million barrels, or 3.816 million tonnes, according to Enterprise Singapore data. Residual fuel stocks were up 11% from a year earlier.
South Korea's POSCO International Corp is set to supply liquefied natural gas (LNG) to Pakistan LNG for the first time, two sources familiar with the matter said. Posco offered the lowest bid of 7.9673% of Brent crude oil prices for the supply of an LNG cargo into Pakistan delivered over Sept. 12 to 13, according to a notice posted on Pakistan LNG's website. It is unusual for Posco to participate in Pakistan LNG's import tender and could be the South Korean company trying to expand its third-party trading activities, according to an industry source.
Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar <.DXY> and falling U.S. crude inventories undermined by bearish sentiment about fuel demand. Brent crude <LCOc1> fell 7 cents to $45.10 a barrel by 0802 GMT, while U.S. crude <CLc1> was down 25 cents at $41.94. The two benchmarks rose to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles.