Fuel oil inventories at Singapore’s key trading and storage hub dropped to a six-week low as imports fell sharply, according to data released on Thursday.
Data from Enterprise Singapore revealed that onshore fuel oil stockpiles, known as inventories, decreased by 9.1% to 17.81 million barrels (2.80 million metric tons) in the week ending July 10. This decline came as imports into onshore tanks plummeted by over 55% compared to the previous week, amounting to approximately 557,100 tons.
Key origins of imported cargoes during the week included Brazil and Indonesia, with movements from Malaysia excluded.
In contrast, export volumes from Singapore declined by 29% from the previous week to around 218,300 tons. The majority of these exports were destined for the Philippines, South Korea, and Bangladesh.
Despite the decrease in weekly inventories, industry sources indicated that the broader market remains adequately supplied. Calculations based on LSEG ship-tracking data indicated that cargo inflows from Russia and Western sources to East Asia were stable to higher in July at about 3 million tons, compared to June.
The fluctuations in Singapore’s fuel oil inventories highlight ongoing dynamics in regional oil trading amid global supply and demand shifts.
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