Singapore fuel oil stockpiles extend slide to five-week low

(Reuters) - Singapore's onshore fuel oil stockpiles extended declines to a five-week low, although inventory levels continued to average higher compared to last month, data showed on Thursday.

Fuel oil inventories dipped 0.4% to 21 million barrels (3.47 million metric tons) in the week to April 10, latest data from Enterprise Singapore showed, falling for the third week in a row. [O/SING1]

However, inventories averaged at 21.05 million barrels per week in April so far, compared to 20.97 million barrels in March, the data showed.

The wider market remains amply supplied despite the slight drop in onshore inventories week-on-week.

Net imports, calculated by subtracting total exports from total imports, were at about 573,000 tons, climbing more than 15% from last week, the data showed.

Indonesia became the top origin for fuel oil arrivals into Singapore-landed storage in the week, excluding cargo movements to and for storage hub Malaysia, while Brazil was also a key origin for cargo arrivals.

Meanwhile, Sri Lanka, Hong Kong and South Africa were the top destinations for outflows from Singapore.

Ample inventories and heavy supplies have pressured the spot fuel oil into April, market sources said.

Singapore's cash differentials for 0.5% low sulfur fuel oil <MFO05-SIN-DIF> have flipped from premiums into discounts since last week, while 380-cst high sulfur fuel oil <FO380-SIN-DIF> had remained steadily discounted since February.

(Data from Enterprise Singapore)

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