Singapore fuel oil stocks fall

Oil

Singapore fuel oil inventories tumbled by 2.94M bbls w-o-w (or 11%) to a three-week low of 23.98M bbls during the week ending June 16, falling after reaching a five-week high during the previous week, according to data from Enterprise Singapore cited by Reuters. Light distillate stocks jumped by 2.12M bbls w-o-w to 14.23M bbls, the highest level since the week ending April 14, with middle distillate inventories also increasing by 1.69M bbls w-o-w to 12.96M bbls.

Net fuel oil imports tumbled by 449KT (or 47%) w-o-w to a three-week low of 497KT, which is 250KT lower than the weekly average for 2021, as imports came in at 968KT. Arrivals from Iraq accounted for the majority of net imports at 120KT, followed by Malaysia who shipped 113KT, while supplies from Denmark reached a five-month high of 107KT. Singapore exported 471KT of fuel oil, with the majority heading to Malaysia at 204KT, followed by China at 99KT.