- Singapore fuel oil inventories increased by 3% on Aug.5 as exports suffered a near acute four-month low.
- Singapore’s exports to China, a typical importer of fuel oil, have fallen this year as China increased its output of residual fuels following new government tax and export rules.
- Onshore fuel oil stocks rose 642,000 barrels, to a three-week high of 24.234 million barrels, or 3.816 million tonnes, according to Enterprise Singapore data.
- Residual fuel stocks were up 11% from a year earlier.
- Singapore’s only fuel oil net exports in the week to Aug. 5 went to Hong Kong at 38,000 tonnes and 34,000 tonnes to Bangladesh.
A recent news report published by Reuters reveals the hard hit Singapore fuel market with its inventories rising and exports declining.
Net import volumes exceeds
Net import volumes were up 96% from the previous week to a five-month high of 1.412 million tonnes, well above the 2020 weekly average of 694,000 tonnes.
The net import volumes were boosted by falling exports which declined to 97,000 tonnes during the week. This compared to the 2020 weekly average of 272,000 tonnes in exports.
Singapore imports from Malaysia
The largest net importers into Singapore are
- Malaysia at 699,000 tonnes,
- followed by Bahamas with 164,000 tonnes,
- Brazil with 158,000 tonnes,
- and the United Arab Emirates with 153,000 tonnes.
Net imports from Malaysia and Bahamas for the week were at their highest since at least end-2015, or as far as available data shows.
Imports from Malaysia were boosted by suppliers moving fuel oil cargoes from floating storage in Malaysian waters into Singapore onshore tanks, trade sources said.
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Source: Reuters
