As imports decline, Singapore fuel oil stocks peaked in 7 weeks as import volumes plummeted
Singapore’s residual fuel stocks during the week ended Oct. 27, marking four straight weeks of inventory build-up, as weekly net import volumes declined but were close to the 2021 weekly average, according to the official data from Thursday.
Onshore fuel stocks rose 109,000 barrels, or about 17,000 tonnes, to a seven-week high of 21.8 million barrels, or 3.43 million tonnes.
However, residual fuel inventories were still 6% below last year’s levels and well below the weekly average of 22.76 million barrels for 2021.
Singapore’s weekly net import volumes fell to 609,000 tonnes in the week ending Wednesday, down 47% from the five-week high of 1.15 million tonnes the week before . However, the weekly figures are volatile.
By comparison, Singapore’s net fuel oil imports have averaged 681,000 tonnes per week since 2021.
The increase in inventory may have been attributed to terminal congestion at one of Singapore’s storage facilities due to a recent outbreak of COVID-19, causing delays in loading bunker barges, sources say commercial.
Malta had the largest net imports with 160,000 tonnes, followed by Belgium with 126,000 tonnes; Malaysia at 1,077,000 tonnes and Japan at 93,000 tonnes.
Malta’s fuel oil imports from Singapore hit a three-year high, while Japan’s fuel oil imports were at their highest since April 2020.
Singapore’s main net fuel export destinations were China with 105,000 tonnes, followed by Bangladesh with 89,000 tonnes and Mozambique with 30,000 tonnes.
According to Refinitiv Oil Research, fuel oil flows to East Asia, most of which goes to Singapore, were between 5.5 million tonnes and 6 million tonnes in October, compared with 5.1 million metric tonnes. earlier in the year.]
âThe increase in volumes this month is due to increased volumes entering major refining centers as fuel oil feedstocks,â according to Refinitiv Oil Research.
This month, arrivals in China, India and South Korea are estimated at 1.74 million tonnes, 0.76 million tonnes, 0.7 million pounds, respectively, the most in three months for the three.