Onshore fuel oil stockpiles in major oil storage hub Singapore were largely steady week-on-week, hovering above 24 million barrels, data showed on Thursday.
The inventories (STKRS-SIN) inched up 0.8% to 24.71 million barrels (about 3.89 million metric tons) in the week to November 26, data from Enterprise Singapore showed.
Total imports into onshore storage rose more than 9% week-on-week to over 971,000 tons. Brazil was the top origin for the imports, followed by Russia and the United Arab Emirates.
Meanwhile, fuel oil exports more than doubled from the previous week to exceed 509,000 tons, with most outflows heading to China.
High inventory levels at Singapore continued to limit recovery in the fuel oil markets, with spot differentials for both high-sulphur and low-sulphur fuel oil still holding in discounts this week.
Source: Reuters
