Residual fuel oil stockpiles at key trading hub Singapore fell for a third consecutive week to a six-month low, reports Yahoo Finance.
Onshore fuel oil inventories fell 6% to 17.51 million barrels (2.76 million metric tons) in the week ended Nov. 15, data from Enterprise Singapore showed.
Net imports, calculated by subtracting total exports from total imports, grew by close to three times week-on-week to 623,171 tons, based on the Enterprise Singapore data.
Imports increased on a week-on-week basis, while exports experienced a decline.
Most of Singapore’s fuel oil imports in the week to Nov. 15 came from Brazil, Malaysia and the United Arab Emirates, the data showed.
Meanwhile, most of the exports were headed for China, Malaysia and Indonesia in the same week.
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Source: Yahoo Finance