Residual fuel oil stocks at key trading hub Singapore rose to a three-week high, official data showed on Thursday, while net imports posted a marginal week-on-week dip.

Onshore fuel oil stocks rose about 5% to 21.09 million barrels (3.32 million tonnes) in the week ended March 15, Enterprise Singapore data showed.

Net fuel oil imports fell nearly 1% to 646,000 tonnes in the same week. Singapore’s biggest sources of net fuel oil imports were Kuwait at 119,000 tonnes, followed by Malaysia at 101,000 tonnes and Brazil at 100,000 tonnes.

Top destinations for Singapore’s net fuel oil exports were China at 112,000 tonnes, Sri Lanka at 41,000 tonnes and Guam at 34,000 tonnes.

Total fuel oil supplies to Asia, most of which end up in key trading hub Singapore, were notionally assessed at 6.69 million mt for March, the highest since January 2019, dominated by record-high Russian-origin inflows on the back of a European Union ban that became effective from Feb. 5, Refinitiv Oil Research said this week.

Russian supplies to Asia for March were notionally assessed at 3.64 million mt, which would set a record high for a second straight month, on the back of February’s previous record of 2.8 million mt, according to Refinitiv.
Source: Reuters