Singapore fuel oil stocks fall 7% despite rise in net imports

Singapore's residual fuel oil stocks declined by 7% in October compared to September, according to Enterprise Singapore's latest data. Residual fuel oil stocks decreased by 1.39 million barrels to 18.36 million barrels, while middle distillate stocks rose by 1.40 million barrels to 9.88 million barrels. Despite a 12% increase in net fuel oil imports so far in October, Singapore's fuel oil stocks have fallen below the 19 million barrel threshold.

Fuel oil imports dropped by 176,000 barrels, while exports declined by a sharper 575,000 barrels. Furthermore, Singapore's middle distillate inventories expanded by 17% to reach 9.88 million barrels. From September to October, Singapore's fuel oil trade saw fuel oil imports fall by 176,000 barrels to 4.94 million barrels, fuel oil exports decrease by 575,000 barrels to 1.26 million barrels, and net fuel oil imports increase by 399,000 barrels to 3.68 million barrels.

Bunker supply in Singapore continues to be tight, with VLSFO lead times extending to 11-18 days, up from 10-15 days a week earlier. Most suppliers still operate with low stocks, and delays in cargo arrivals due to the ongoing Middle East conflict have further tightened availability. HSFO availability has also tightened, with recommended lead times rising to 11-17 days from 10-15 days a week ago.

LSMGO remains relatively more readily available, although lead times have increased to 6-9 days from 5-7 days previously.