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Singapore fuel oil stocks fall as exports to China jump

07/29/2021 | 05:31am EDT
FILE PHOTO: A view of an oil refinery off the coast of Singapore

SINGAPORE (Reuters) - Singapore residual fuel oil inventories fell 6% in the week ended July 28 as net imports plummeted to their lowest in more than three years, official data showed on Thursday.

The net imports were weighed down by a surge in Singapore fuel oil exports, which hit a nine-month high of 592,000 tonnes in the week ended Wednesday, led by a jump in exports to China.

Onshore fuel oil stocks fell by 1.53 million barrels, or about 241,000 tonnes, to a three-week low of 22.9 million barrels, or 3.61 million tonnes, Enterprise Singapore data showed.

Singapore's net fuel oil imports plummeted 91% from the previous week to 93,000 tonnes, the lowest since June 2018 and well below the 2021 weekly average of 709,000 tonnes. Weekly figures, however, are volatile.

Compared with a year earlier, residual fuel stocks were 3% lower and below the 2021 weekly average of 23.28 million barrels.

The largest net imports were from Malaysia at 306,000 tonnes, followed by Brazil at 64,000 tonnes, Japan at 33,000 tonnes and Egypt at 26,000 tonnes.

The top net export destinations for Singapore fuel oil were China at 226,000 tonnes, the highest weekly volume since November 2018, followed by the Philippines at 65,000 tonnes and Hong Kong at 38,000 tonnes.

Fuel oil flows into east Asia, most of which come to Singapore, for July were assessed between 5.5 million tonnes and 6 million tonnes compared to June's 4.23 million tonnes, the latest assessments by Refinitiv Oil Research showed.

The July volumes, the highest since January 2019, were "led by surging demand for straight-run cargoes amid a pervasively high-price environment and weak cracks, in particular from China in the wake of a tax clamp-down on bitumen mixture imports," Refinitiv Oil Research said.

"Looking to August, we expect inflows to be lower on-month, with 1.03 million tonnes assessed for western arbitrage barrels to date, keeping market fundamentals tight."

July 28, fuel oil (in Total Total Net Imports

tonnes) Imports Exports

ARGENTINA 2 0 2

AUSTRALIA 1 0 1

BANGLADESH 13 19,031 -19,018

BRAZIL 63,872 0 63,872

BRUNEI 0 0 0

CANADA 1 0 1

CHINA 0 225,611 -225,611

EGYPT 26,167 0 26,167

FRANCE 5 0 5

HONG KONG 7 38,011 -38,004

INDIA 1 445 -444

INDONESIA 52,996 64,924 -11,927

JAMAICA 1 0 1

JAPAN 32,798 0 32,798

KOREA, REP OF 7 0 7

MALAYSIA 451,372 145,058 306,314

MAURITIUS 2 0 2

NETHERLANDS 2 0 2

PAPUA NEW GUINEA 0 6,032 -6,032

PHILIPPINES 0 64,970 -64,970

PORTUGAL 1 0 1

SOUTH AFRICA 1 0 1

SPAIN 1 0 1

TAIWAN 2 0 2

THAILAND 14,665 0 14,665

UNITED ARAB EMIRATES 4 0 4

UNITED STATES 42,927 28,013 14,914

TOTAL 684,849 592,095 92,753

(Reporting by Roslan Khasawneh; Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.19% 513.75 Delayed Quote.-3.95%
DOW JONES SOUTH AFRICA(ZAR) 0.81% 1869.66 Delayed Quote.5.15%
EURO / ARGENTINE PESO (EUR/ARS) 0.50% 115.7153 Delayed Quote.12.16%
EURO / BRAZILIAN REAL (EUR/BRL) 0.39% 6.2289 Delayed Quote.-2.63%
LONDON BRENT OIL 1.79% 77.22 Delayed Quote.44.45%
MSCI SINGAPORE (GDTR) -0.16% 6517.165 Real-time Quote.12.16%
MSCI TAIWAN (STRD) 0.78% 696.688 Real-time Quote.17.73%
S&P AFRICA 40 INDEX 1.02% 166.97 Delayed Quote.-4.47%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.05% 98.53 Delayed Quote.16.88%
WTI 1.86% 73.256 Delayed Quote.46.78%
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