Onshore fuel oil stockpiles at key trading hub Singapore rose for a third straight week to hit an 18-week high, data showed on Thursday.

Residual fuel inventories (STKRS-SIN) were at 24.126 million barrels in the week to April 23, up 5.4% week-on-week, based on Enterprise Singapore data.

Onshore fuel oil stockpiles have averaged at around 22.55 million barrels per week in April so far, higher than March’s average of around 18.68 million barrels.

Net imports rose 46% on-week, totalling 886,042 tons. The net imports were calculated by subtracting total exports from total imports in the week.

The top three supply origins recorded for the week were Iraq, Italy and Russia.

Meanwhile, outflows of fuel oil from Singapore onshore tanks were mostly headed to Bangladesh, China and South Korea.

“Singapore’s onshore stocks have been above 3 million tons since mid-March buoyed by strong arrivals,” LSEG Oil Research said on Wednesday.
Source: Reuters