Singapore fuel oil stockpiles climb on strong Mideast imports
Residual fuel inventories rose 1.3% to 23.70 million barrels (3.73 million metric tons) in the week to July 23, according to Enterprise Singapore.
The inventories held above weekly average levels for a tenth consecutive week, calculations showed.
Imports exceeded 1.09 million tons in the week, up 32% from the previous week, led by strong inflows from Middle Eastern countries including Iraq and the United Arab Emirates.
Meanwhile, exports from Singapore onshore tanks dipped 15% week-on-week to about 386,000 tons, with most volumes headed for Bangladesh and China.
Amid persistently high inventories, spot market benchmarks remained under pressure. High-sulphur price differentials held in discounts this week, while low-sulphur price differentials logged narrower premiums.
Week to Jul. 23, Fuel oil (in metric tons)
Total Imports
Total Exports
Net Imports
AUSTRALIA
0
16,827
-16,827
BAHAMAS
30,000
0
30,000
BANGLADESH
0
25,466
-25,466
BRAZIL
84,812
0
84,812
CHINA
15,692
38,010
-22,319
CONGO
28,302
0
28,302
GERMANY
0
0
0
INDIA
31,655
268
31,387
IRAQ
322,058
0
322,058
KOREA
27,824
0
27,824
MALAYSIA
78,238
190,573
-112,335
MAURITIUS
0
12,281
-12,281
NETHERLANDS
5,304
0
5,304
NEW CALEDONIA
0
7,200
-7,200
NEW ZEALAND
0
21,894
-21,894
NIGERIA
44,543
0
44,543
RUSSIA
99,831
0
99,831
SRI LANKA
33,440
0
33,440
SUDAN
23,250
0
23,250
THAILAND
38,121
0
38,121
UNITED ARAB EMIRATES
106,303
0
106,303
UNITED STATES
118,520
73,471
45,048
VIETNAM
5,499
202
5,297
TOTAL
1,093,392
386,193
707,200
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
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