Singapore fuel oil stockpiles dip to 2-week low amid lower net imports

By Cassandra Yap SINGORE, – Singapore’s onshore fuel oil stockpiles dipped to a two-week low in the week ended May 15 as net imports dwindled, data showed on Thursday. Inventories for fuel oil fell 7.89% to 19.115 million barrels , after hitting a three-week high in the week ended May 8, Enterprise Singapore data showed. Total imports slumped 58% in the absence of Russian arrivals, while arrivals from top importers Malaysia and Brazil were about halved week-on-week. Total exports also fell 39%, with most of the cargoes ending up in Hong Kong and Malaysia. Net imports decreased by 591,431 tons, or 66% week-on-week to hit 305,349 tons, the lowest figure logged since the week ended March 20. The week ended March 13 recorded 65,695 tons of net imports. The cash differential for 380-cst high sulphur fuel oil were rangebound between $7.50 and $8.50 a ton, while the premium for 0.5% low sulphur fuel oil rose above $6 a ton. Week to May 15, Fuel oil Imports Exports AUSTRALIA 0 31,349 -31,349 BRAZIL 100,688 0 100,688 BULGARIA 71,263 0 71,263 HONG KONG 0 73,376 -73,376 INDONESIA 29,524 6,681 22,843 JAN 71,790 0 71,790 KOREA, REP OF 20,601 0 20,601 MALAYSIA 153,800 68,596 85,204 MYANMAR 0 0 0 NEPAL 0 41 -41 NEW CALEDONIA 0 54,996 -54,996 NIGERIA 0 0 0 SPAIN 34,815 0 34,815 TAIWAN 20,696 0 20,696 UNITED ARAB EMIRATES 37,212 0 37,212 TOTAL 540,389 235,040 305,350

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