Singapore fuel oil stocks fall 6% in October despite higher net imports
Residual fuel oil stocks in Singapore averaged 6% lower in October than in September, data from Enterprise Singapore shows. Changes in monthly average Singapore stocks from September to October: • Residual fuel oil stocks down 1.19 million bbls to 18.56 million bbls • Middle distillate stocks up 670,000 bbls to 9.14 million bbls Singapore’s fuel ...
In October, residual fuel oil stocks in Singapore decreased by 6% compared to the previous month, according to Enterprise Singapore. The decrease was 1.19 million barrels, bringing the total to 18.56 million barrels. Meanwhile, middle distillate stocks rose by 670,000 barrels, reaching 9.14 million barrels. Notably, Singapore's fuel oil stocks dipped below 19 million barrels in October, despite a 16% surge in net fuel oil imports.
Both imports and exports saw growth in October, with imports rising by 765,000 barrels and exports increasing by 250,000 barrels. The United Arab Emirates was the biggest source of Singapore's fuel oil imports in October, followed by Brazil and Russia. On the export front, China took the largest share, followed by Malaysia and Bangladesh.
Middle distillate inventories increased by 8% in October to 9.14 million barrels. The trade lead times for various types of fuel oil have also changed, with some suppliers advising longer lead times.
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