Singapore fuel oil inventories increase 6% this month
Singapore’s residual fuel oil stocks have averaged 6% higher so far in September than across August, Enterprise Singapore’s latest data shows. Changes in monthly average Singapore stocks from August to September (so far): Residual fuel oil stocks up 1.11 million bbls to 20.09 million bbls Middle distillate stocks up 160,000 bbls to 8.35 million bbls ...
Enterprise Singapore's latest data shows that Singapore's residual fuel oil stocks have seen a 6% month-over-month increase in September, compared to August. As of September, these stocks have surpassed 20 million barrels.
The rise in imports has been substantial, with net fuel oil imports up by 12% so far this month, totaling 145,000 barrels. However, exports have decreased by 189,000 barrels.
Syria is the top source of Singapore's fuel oil imports this month, accounting for 13% of the total, followed by the UAE at 10% and Brazil at 8%, according to Vortexa's cargo tracking data.
On the export side, China has been the largest recipient of Singapore's fuel oil shipments, at 27%, followed by Malaysia at 22% and South Korea at 21%.
Singapore's middle distillate inventories have also climbed by 2% this month to 8.35 million barrels.
Despite the overall increase, the bunker market remains tight, with recommended lead times for Venezuelan Light Sweet Fuel Oil (VLSFO) staying at 13-17 days, only slightly different from the previous week's range of 13-16 days.
Heavy Fuel Oil (HSFO) availability has seen a slight improvement, with lead times easing to 9-12 days from the previous 10-19 days. Lastly, supply of Medium-Low Sulphur Heavy Fuel Oil (LSMGO) has strengthened, with lead times narrowing to 5-7 days from the prior 6-8 days.
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