Onshore fuel oil stockpiles at key trading hub Singapore declined after four straight weeks of gains, data showed on Thursday.

Residual fuel inventories (STKRS-SIN) fell 9.3% week-on-week to 21.5 million barrels (roughly 3.387 million metric tonnes) in the week to June 18, data from Enterprise Singapore showed.

Inventory levels have been holding above typical weekly averages of 20 million barrels for five weeks.

Still, net imports rose 2% to 386,369 tons. Most of the week’s imports hailed from Brazil, United Arab Emirates, and Mexico, data showed.

Meanwhile, total exports out of Singapore tanks totalled 228,815 tons, down 43% week-on-week. The cargoes mostly ended up in Hong Kong, Fiji, and Bangladesh.
Source: Reuters