Singapore’s fuel oil stocks inch up 3% coming into August

Singapore's residual fuel oil stocks rose by 3% in August compared to July, according to Enterprise Singapore's latest data. The increase was driven by a 610,000 barrel rise in residual fuel oil stocks, bringing the total to 19.58 million barrels. However, middle distillate stocks decreased by 1.33 million barrels to 7.34 million barrels.

Singapore's fuel oil inventories have surpassed the 19 million barrel mark, with a 2% rise in net fuel oil imports so far in August. Imports have increased by 789,000 barrels, while exports have risen by 715,000 barrels. Russia has been the largest source of Singapore's fuel oil imports this month, accounting for 21%, followed by the UAE and Brazil, each contributing 19%.

Malaysian ports have been the top destination for Singapore's fuel oil exports, followed by China and Mauritius. Despite the rise in imports, Singapore's middle distillate inventories have fallen by 15% to 7.34 million barrels. Fuel oil imports have increased by 789,000 barrels to 6.06 million barrels, while fuel oil exports have risen by 715,000 barrels to 2.41 million barrels.

Net fuel oil imports have increased by 74,000 barrels to 3.65 million barrels. VLSFO availability in Singapore remains tight, with suppliers recommending lead times of 12-24 days, up from 16-20 days last week. The port's fuel oil inventories have fallen from more than 23 million barrels in March to below 18 million barrels in June, but have recovered slightly to about 19 million barrels.

HSFO availability remains tight, with lead times widening to 10-24 days, up from 12-15 days earlier. LSMGO requires lead times of 2-11 days, compared to 5-8 days last week.