Singapore’s onshore fuel oil stockpiles dropped slightly this week but remained above 21 million barrels, a level higher than typical averages, data showed on Thursday.
Residue inventories (STKRS-SIN) were at 21.17 million barrels (about 3.33 million metric tons) in the week to April 2, down 2.5% from the previous week, showed Enterprise Singapore data.
The decline in inventories came as net imports fell week on week, totalling about 295,000 tons.
The Middle East continued to be the key supplier just like the previous week, with Iraq and the United Arab Emirates as the top exporters to Singapore this week.
Asia received an influx of supplies in March, weighing on fuel oil benchmarks into April.
Spot differentials for 380-cst high-sulphur fuel oil have flipped into a discount in Asia this week, after holding in premiums for nearly a year.
Meanwhile, most of Singapore’s fuel oil outflows were headed to China, Hong Kong and Sri Lanka in the week to April 2, showed Enterprise Singapore data.
Source: Reuters
