Onshore storage volumes of fuel oil at the Singapore trading hub rose to an 18-week high with a recovery extending to a fourth straight week, data showed on Thursday.

Inventories edged 12.3% higher to 20.15 million barrels (about 3.17 million metric tons) in the week to Oct. 23, Enterprise Singapore data shows.
The inventories averaged 18.11 million barrels per week in October, rebounding for the first time after trending lower for three months.

The recovery came alongside an uptick in net imports, which climbed 19.7% week on week to about 898,000 metric tons.

Most fuel oil imports were from Brazil, the Netherlands and Russia during the week to Oct. 23.

Meanwhile, exports from Singapore mostly headed to China, Sri Lanka and Hong Kong.

Total supplies to the broader Asia region recovered in October, breaching 7 million tons for the first time since March, LSEG ship-tracking data shows.

Reflecting the recovery in supplies, spot premiums for the mainstay 0.5% low sulphur fuel grade remained capped below $10 a ton in recent trading sessions.
Source: Reuters