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Singapore fuel oil inventories drop to six-week low; net import volumes up

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01/10/2019 | 11:35pm EDT
FILE PHOTO: Boats sail past Pulau Bukom oil refinery along the southern coast of Singapore

SINGAPORE (Reuters) - Singapore fuel oil inventories fell 6 percent to a six-week low in the week ended Jan. 9, even though weekly net import volumes increased for a fourth straight week to a seven-week high, official data showed on Friday.

- Onshore fuel oil stocks fell 1.107 million barrels (about 165,000 tonnes) to 18.941 million barrels, or 2.827 million tonnes, in the week to Jan. 9, data from Enterprise Singapore showed. [O/SING1]

- This came despite steady increases in net fuel oil imports, which in the week to Wednesday came in at 1.167 tonnes, up 18 percent from the week before, and were well above the 52-week average of 799,000 tonnes.

- However, this week's onshore fuel oil inventories were just 4 percent lower than a year earlier.

- Net exports of fuel oil to Hong Kong topped the week ended Jan. 9 at 313,000 tonnes, followed by China at 144,000 tonnes and the United States at 66,000 tonnes.

- Singapore fuel oil shipments to Hong Kong in the week to Jan. 9 were at the highest weekly exports volumes since at least end-2015, or as far as available record go back, data compiled by Reuters showed.

- The largest net imports into Singapore originated from the United Arab Emirates (UAE) at 207,000 tonnes, followed by Greece at 189,000 tonnes, the Netherlands at 181,000 tonnes and Malaysia at 172,000 tonnes.

- Singapore's fuel oil imports from the UAE in the week to Jan. 9 were at an 11-week high, the data showed.

(Reporting by Roslan Khasawneh; Editing by Gopakumar Warrier)

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