Singapore fuel oil stocks inch up 3% coming into November

Singapore's residual fuel oil stocks increased by 3% in November compared to October, according to Enterprise Singapore's latest data. On November 1st, residual fuel oil stocks reached 19.14 million barrels, while middle distillate stocks decreased by 1.11 million barrels to 8.03 million barrels. The stocks have surpassed 19 million barrels, driven by a 14% rise in net fuel oil imports so far in November.

Both imports and exports have grown, with imports increasing by 578,000 barrels and exports by 31,000 barrels. Venezuela is the primary supplier of Singapore's fuel oil imports, contributing 20%, followed by Russia (15%) and Kuwait (14%). Malaysia is the largest recipient of Singapore's fuel oil exports, accounting for 59%, with Australia (17%) and Bangladesh (10%) also significant recipients.

Meanwhile, Singapore's middle distillate inventories fell by 12% so far in November to 8.03 million barrels. The recommended lead times for very low sulfur fuel oil (VLSFO) in Singapore are currently 13-15 days, narrowing from around 13 days to over three weeks last week. Heavy fuel oil (HSFO) lead times have also settled at 13-15 days, compared to a range of 10 days to three weeks previously.

Light saturated medium-grade oil (LSMGO) lead times have eased to 8-10 days from 9-11 days last week.