Residual fuel oil stocks at key trading hub Singapore held steady this week, while net imports more than doubled after extending a slide for three straight weeks, official data showed on Thursday.

Onshore fuel oil stocks STKRS-SIN were at 23.52 million barrels (3.70 million tonnes) in the week to April 19, relatively stable from the previous week, based on Enterprise Singapore data.

Weekly net fuel oil imports, which are calculated by subtracting total exports from total imports, more than doubled to 870,000 tonnes. The rebound came after three weeks of declines.

The largest net import volumes came from Brazil at 298,000 tonnes, as Western supplies to Asia remained strong for April.

This was followed by the United Arab Emirates at 169,000 tonnes and Mexico at 139,000 tonnes, the data showed.

Meanwhile, China was the top destination for Singapore’s net fuel oil exports for a second consecutive week, with volumes at 71,000 tonnes, followed by Bangladesh at 45,000 tonnes and Hong Kong at 16,000 tonnes.

China’s appetite for fuel oil to be used as refinery feedstocks remained firm, according to trade sources.

Total fuel oil supplies to wider Asia were pegged at 5.98 million tonnes for April, hitting three-month highs and exceeding March volumes, based on Refinitiv Oil Research this week.

Refining margins and cash differentials for the benchmark 0.5% low-sulphur fuel oil grade remain trapped in single-digit premiums this week, with ample supplies and average bunkering demand capping recovery.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Alison Williams)