Singapore fuel inventories climb amidst high net import volumes

Oil

Singapore onshore fuel oil stocks grew to 4.1MT during the week ending May 20, increasing by 187KT w-o-w, according to Reuters reporting on Enterprise Singapore data. Fuel stocks are at their highest level since last May despite recovering fuel demand, as buyers secure supplies amid rising oil prices. Net import volumes reached a four-week high of 772KT as they grew by 122% w-o-w, with 418KT coming from Malaysia. 102KT of net imports also came from Egypt, the highest since record levels of 126KT during the week ending Feb 12.