Singapore fuel stocks jump as imports soar

Singapore’s residual fuel stocks jumped 7% in the week ended Nov. 24, hitting an 11-week high as net import volumes rose, official data showed on Thursday.

Onshore fuel stocks rose 1.55 million barrels, or about 244,000 tonnes, to 22.9 million barrels, or 3.61 million tonnes, according to data from Enterprise Singapore. O / SING1

However, residual fuel inventories were 5% lower than the previous year and lower than the 2021 weekly average of 22.7 million barrels.

Weekly net imports, meanwhile, rose 16% from the previous week to a four-week high of 678,000 tonnes, on par with the 2021 weekly average of 679,000 tonnes. Weekly figures are volatile, however.

The largest net imports came from Algeria with a record 317,000 tonnes, followed by Malaysia with 299,000 tonnes, the United Arab Emirates with 158,000 tonnes and Brazil with 103,000 tonnes.

Singapore’s main net fuel export destinations were Hong Kong with 134,000 tonnes, followed by China with 57,000 tonnes and Australia with 45,000 tonnes.

Exports to Hong Kong peaked in five months.

Fuel oil flows to East Asia, most of which arrive in Singapore, were expected to be between 5 million tonnes and 5.5 million tonnes in November, up from 6.2 million tonnes in October, according to the latest reports. Refinitiv Oil Research evaluations.

“Regional supply remains tight amid refinery maintenance in North Asia, while Western arbitrage supply remains limited as demand for utilities in Europe at year-end capped exports to the is from Suez, ”Refinitiv Oil Research said.
Source: Reuters (Report by Roslan Khasawneh edited by David Goodman)


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Felix J. Dixon