Onshore fuel oil storage volumes in Singapore dropped to three-week lows after two weeks of increases, according to data released on Thursday.

The inventories STKRS-SIN slipped 7.4% to 16.98 million barrels (about 2.67 million metric tons) in the week ended Nov. 20, based on Enterprise Singapore.

Despite the weekly decline, the inventories still averaged higher from last month.

Onshore fuel oil stockpiles averaged 17.79 million barrels per week so far in November, still higher than last month’s average of 17.56 million barrels per week.

Incoming supplies to wider Asia remained heavy in recent weeks, led by strong volumes from various regions including the Middle East, Russia, and the West, based on trade sources and ship-tracking data.

Spot premiums for 0.5% low sulphur fuel oil have largely weakened in November so far, remaining capped below $8 a metric ton to Singapore quotes this week.

Most imports flowing into Singapore onshore storage were from Indonesia, Iraq and Brazil in the week ended Nov. 20.

Meanwhile, most of the week’s exports were headed to the Philippines and Hong Kong, excluding cargo movements from Malaysia.

The fall in weekly inventories was driven by lower net imports, which totalled about 149,000 tons in the week, down 71% from the previous week. The figure is calculated by subtracting total exports from total imports.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Sherry Jacob-Phillips)