Singapore fuel oil stocks climb to four-year high

Oil

Singapore fuel oil inventories jumped up by 2.67M bbls (or 11%) w-o-w to 27.23M bbls during the week ending May 5, the highest level since the week ending March 8 2017, according to data from Enterprise Singapore cited by Reuters. Middle distillate stocks also increased by 500K bbls w-o-w to 13.46M bbls, however light distillate inventories fell by 490K bbls w-o-w to the lowest level since the week ending October 28 2020 at 11.9M bbls.

Net fuel oil imports declined by 242KT (or 34%) w-o-w to 476KT, which is 330KT below the weekly average for 2021, as imports came in at 777KT. Arrivals from the US accounted for most of this figure at 137KT, while shipments from Malaysia fell to 93KT, the lowest in over two years. The majority of Singapore’s 301KT of fuel oil exports went to South Korea at 137KT, followed by Malaysia at 58KT.