SINGAPORE: Singapore weekly onshore fuel oil inventories rose 2 percent, or 334,000 barrels (about 50,000 tonnes), to a two-week high of 17.729 million barrels in the week ended May 2, data from International Enterprise (IE) Singapore showed on Thursday.
The weekly increase in fuel oil stocks snapped five straight weeks of declines, lifting inventories from a more-than-three-year low hit in the previous week.
This came as weekly net imports of fuel oil into Singapore jumped 207 percent from a week earlier to 592,000 tonnes, the data showed.
Compared with year-ago levels, the latest onshore fuel oil inventories were 25 percent lower.
Singapore’s net exports of fuel oil to Hong Kong topped the week ended May 2 at 99,000 tonnes, followed by Taiwan with 70,000 tonnes and South Korea with 47,000 tonnes, the data showed.
In the week ended May 2, Singapore weekly exports to China were absent for the first time since at least the start of 2016.
The largest net imports into Singapore originated from Malaysia at 387,000 tonnes, followed by the United States at 133,000 tonnes, Spain at 70,000 tonnes and Russia at 61,000 tonnes, according to the latest data.
Fuel oil imports into Singapore from Iraq in the week ended May 2 were absent for the first time since October, while imports from Russia were at a 13-week low.
Fuel oil inventories in Singapore have averaged 21.226 million barrels (3.168 million tonnes) a week since the start of 2018, compared with 23.552 million barrels (3.515 million tonnes) in 2017.
Source: Brecorder
