Singapore fuel oil stocks fall 5% despite sharp rise in net imports
Singapore’s residual fuel oil stocks have averaged 5% lower so far in October than across September, Enterprise Singapore’s latest data shows. Changes in monthly average Singapore stocks from September to October (so far): • Residual fuel oil stocks down 1.08 million bbls to 18.67 million bbls • Middle distillate stocks up 900,000 bbls to 9.37 ...
In October, Singapore's residual fuel oil stocks have decreased by 5% compared to September, according to Enterprise Singapore's data. The country now holds 18.67 million barrels of residual fuel oil, down from 18.75 million barrels in September. However, this decline occurred despite a significant 42% increase in net fuel oil imports during the same period. Net fuel oil imports rose by 1.21 million barrels, while exports fell by 184,000 barrels.
The United States remains Singapore's largest fuel oil importer at 19% of total imports, followed by Brazil at 15% and the Netherlands at 14%, as per cargo tracking firm Vortexa. For exports, China is the top destination, accounting for 66% of Singapore's shipments, with Malaysia at 21% and Bangladesh at 8%.
Meanwhile, Singapore's middle distillate inventories have risen by 11% this October, reaching 9.37 million barrels. Despite average fuel oil demand, supply remains tight in Singapore, with recommended lead times for heavy fuel oil (VLSFO) at around 10-15 days, unchanged from the previous week. Most suppliers still operate with low stocks, and delays in cargo arrivals due to the Middle East conflict have further restricted availability.
For light and heavy distillate, advised lead times remain at 10-15 days, while for medium-sour gas oil (LSMGO), they have increased to 5-7 days.
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