Singapore fuel oil stockpiles rebound to 8-week high on higher imports
(Reuters) - Singapore's onshore fuel oil stockpiles rebounded to an eight-week high amid an increase in imports, data showed on Thursday.
Fuel oil inventories <STKRS-SIN> rose 5.63% to 22.186 million barrels (3.49 million metric tons) in the week to April 17, latest data from Enterprise Singapore showed, after falling for three consecutive weeks. [O/SING1]
Inventories averaged 21.43 million barrels per week in April so far, compared to 20.97 million barrels per week in March, the data showed.
Total imports were at about 950,000 tons, rising 12% week-on-week, the data showed. Malaysia became the top origin for fuel oil arrivals into Singapore-landed storage in the week, followed by Russia and Iraq.
Meanwhile, Malaysia, China and the Philippines were the top destinations for outflows from Singapore.
Singapore's cash differentials for 0.5% low sulfur fuel oil <MFO05-SIN-DIF> rebounded from discounts to premiums on April 17, while the discount on 380-cst high sulfur fuel oil <FO380-SIN-DIF> has been closing up since April 11.
|
Week to April 17, Fuel oil (in metric tons) |
Total Imports |
Total Exports |
Net Imports |
|
AUSTRALIA |
0 |
32,505 |
-32,505 |
|
BAHAMAS |
19,735 |
0 |
19,735 |
|
CHINA |
271 |
124,038 |
-123,767 |
|
INDIA |
0 |
479 |
-479 |
|
INDONESIA |
40,918 |
6,585 |
34,333 |
|
IRAQ |
56,876 |
0 |
56,876 |
|
JAPAN |
3,025 |
0 |
3,025 |
|
MALAYSIA |
435,121 |
191,650 |
243,471 |
|
NETHERLANDS |
1,792 |
0 |
1,792 |
|
OMAN |
0 |
4,721 |
-4,721 |
|
PHILIPPINES |
0 |
49,206 |
-49,206 |
|
RUSSIA |
347,966 |
0 |
347,966 |
|
UNITED STATES |
37,016 |
0 |
37,016 |
|
VIETNAM |
6,965 |
295 |
6,670 |
|
TOTAL |
949,684 |
409,478 |
540,206 |
(Data from Enterprise Singapore)
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