Onshore fuel oil stockpiles at key trading and storage hub Singapore rebounded to a two-week high, though the levels remained below July’s average, government data showed on Thursday.

The inventories ticked up 0.88% to 19.73 million barrels in the week ended Aug. 7, after falling for two consecutive weeks, based on Enterprise Singapore data.

Despite the weekly rise, inventory levels remained muted, averaging 19.4 million barrels a week in August, versus a typical weekly average of over 20 million barrels in July.

Net fuel oil imports, calculated by subtracting total exports from total imports, fell more than 50% to about 283,886 tons in the week.

Top suppliers included Brazil and Indonesia, excluding storage movements from Malaysia.

Meanwhile, fuel oil outflows out of Singapore were mostly headed for South Korea and China.

Cash premiums for very low-sulphur fuel oil (VLSFO) declined on Thursday tracking broader weakness in Asian markets.
Source: Reuters (Reporting by Gabrielle Ng; editing by David Evans)