Residual fuel oil stocks at key trading hub Singapore dipped from the previous week, official data showed on Thursday, as downstream uptake in the bunkering market held steady.
Onshore fuel oil stocks fell by 2% to 20.94 million barrels (3.30 million tonnes) in the week ended Dec. 28, Enterprise Singapore data showed.
The decline came despite a rise in weekly net imports, which jumped by 29% to 639,000 tonnes in the same week.
Steady uptake in the bunkering market outweighed the rise in supplies, as sellers continued to clear inventories before the year ends.
However, heavy supply arrivals from the West, Russia, as well as regional Asian exporters limited the extent of inventory drawdowns.
December fuel oil stocks averaged at 20.69 million barrels a week, firmer from November’s 20.24 million barrels a week, Enterprise Singapore data showed.
The most net fuel oil import volumes into Singapore came from Malaysia at 240,000 tonnes this week, followed by Brazil at 238,000 tonnes and the United Arab Emirates at 70,000 tonnes.
Top destinations for fuel oil net exports from Singapore were Philippines at 47,000 tonnes, Australia at 44,000 tonnes and China at 30,000 tonnes.
