Onshore fuel oil storage volumes in Singapore declined for a second consecutive week as some sellers continued to clear inventories before the year ends, based on data and market sources.

Inventories dropped 4.6% from the previous week to 17.92 million barrels (about 2.82 million metric tons) in the week to Dec. 11, data from Enterprise Singapore showed on Thursday.

Some traders were looking to clear more inventories before the year ends, market sources said.

Meanwhile, fuel oil inflows remained strong, with volumes edging higher by 2.4% week-on-week to more than 900,000 tons.
Most imports were from Indonesia, the Netherlands, and Russia, excluding cargo movements from Malaysia, the data showed.
Inventories continued to average higher than last month amid the strong inflows. Weekly onshore stockpiles averaged at 18.36 million tons so far in December, up from 18.15 million tons in November.

Most export cargoes were headed to China, Hong Kong, and Bangladesh in the week to Dec. 11.

Higher supplies to Asia have pressurised the market in recent weeks, with spot premiums for fuel oil trending lower.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Varun H K)