Singapore’s fuel oil inventories go down despite higher net imports

Singapore’s residual fuel oil stocks have averaged 1% lower so far in January than across December, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from December to January (so far):

• Residual fuel oil stocks down 360,000 bbls to 25.44 million bbls
• Middle distillate stocks down 80,000 bbls to 8.18 million bbls

Singapore’s fuel oil inventories have stayed above 25 million bbls, amid a sharp rise in net fuel oil imports, which are up 51% so far this month. Total imports have increased by 310,000 bbls, while exports have dropped steeply by 1.20 million bbls.

Most of the fuel oil imported this month originated from Russia (23%), followed by Indonesia (12%) and the UAE (12%), according to data from cargo tracker Vortexa. On the export front, Singapore has primarily shipped fuel oil to China (51%), Malaysia (10%) and Thailand (8%).

Meanwhile, middle distillate inventories at the port have averaged 1% lower so far this month.

Oil Storage And Transportation