Singapore fuel inventories reach highest level since March 2017

Oil

Singapore onshore fuel oil stocks increased by 1.5M bbls w-o-w to 26.7M bbls during the week ending July 8, the highest inventory level since March 2017, according to data from Enterprise Singapore cited by Reuters. Light distillate stocks also grew by 1.4M bbls w-o-w to 16.6M bbls, the highest since March 2019 and up by 5.2M bbls compared to the same week last year.  

 Net fuel oil import volumes edged up 3% w-o-w to 415KT, which is 263KT lower than the weekly average for 2020 so far, as imports came in at 722Kt. Imports from Malaysia accounted for 316KT of this figure, while 120KT came from the US. The majority of Singapore’s net fuel oil exports went to South Korea at 88KT, with net exports to Saudi Arabia reaching a fresh record high of 38KT.