Onshore fuel oil stockpiles in Singapore eased for a second consecutive week following a recent surge, official data showed on Thursday.
Residual fuel inventories (STKRS-SIN) fell 6.5% to 23.04 million barrels (3.63 million metric tons) in the week to Aug. 20, logging its lowest in eight weeks, based on Enterprise Singapore data.
Despite the drawdown, inventories remained well above typical averages amid strong imports.
Fuel oil imports into Singapore onshore tanks totalled nearly 1.4 million tons in the week of Aug. 14 to 20, nearly doubling from the previous week.
Top suppliers of the week were from various origins, including the United Arab Emirates, Indonesia, and Brazil. Inflows from Iraq and Russia also firmed week-on-week, the data showed.
Meanwhile, the top destination for outflows from Singapore were Bangladesh and China, excluding movements to and from neighbouring storage hub Malaysia.
Total exports were at about 607,000 tons, down 4% from the previous week.
An amply-supplied market capped recovery in the Asia spot fuel oil market. Spot differentials for both high-sulphur cargoes and low-sulphur cargoes remained in discounts this week.
Source: Reuters
