Onshore fuel oil stocks dipped 3% to 12-week lows of 19.59 million barrels (3.09 million tonnes) in the week ended Jan. 25, Enterprise Singapore data showed. [O/SING1]
Weekly net imports dived by 39% to 376,000 tonnes in the same week, as more supplies were exported regionally within Asia.
Largest net fuel oil imports into Singapore were from Malaysia at 189,000 tonnes, followed by Brazil at 101,000 tonnes and Pakistan at 55,000 tonnes.
Top destinations for fuel oil net exports from Singapore were Japan at 50,000 tonnes, Philippines at 46,000 tonnes and Thailand at 40,000 tonnes.
Reflecting lower inventories and stable bunkering demand, spot fuel oil premiums in Singapore have found support in recent sessions.
Premiums for 0.5% very low sulphur fuel oil hit five-month highs in the previous week, while premiums for 380-cst high sulphur fuel oil have also extended a mild uptrend.
Jan 25, Fuel oil (in tonnes) Total Imports Total Exports Net Imports
ALGERIA 39,944 0 39,944
BRAZIL 100,814 0 100,814
HONG KONG 0 0 0
INDIA 0 90 -90
INDONESIA 12,959 6,681 6,278
JAPAN 4,928 55,270 -50,342
KOREA 47,583 19,978 27,604
KUWAIT 20,081 0 20,081
MALAYSIA 224,442 35,868 188,574
PAKISTAN 54,592 0 54,592
PAPUA NEW GUINEA 0 17,251 -17,251
PHILIPPINES 0 46,399 -46,399
TAIWAN 10,487 0 10,487
THAILAND 25,622 65,949 -40,328
UNITED ARAB EMIRATES 32,876 0 32,876
UNITED STATES 41,764 0 41,764
VIETNAM 7,805 0 7,805
TOTAL 623,896 247,487 376,409
(Data from Enterprise Singapore)
(Reporting by Jeslyn Lerh; Editing by Sherry Jacob-Phillips)
By Jeslyn Lerh
