Onshore fuel oil stockpiles at the Singapore hub fell for a third consecutive week, hitting its lowest in 18 weeks, data showed.

Residue inventories (STKRS-SIN) were at 15.47 million barrels (2.44 million tons) in the week to March 5, sliding 11.9% from the previous week, Enterprise Singapore data showed.
Supply arrivals to Asia edged lower last month, while strong backwardation in the high-sulphur fuel market was supportive of drawdowns.

No direct fuel oil imports from Russia were recorded for a fifth straight week, Enterprise data showed.

The top supplying country in the week was Iraq, as more cargoes find their way from the Middle East to Singapore this month, drawn by strong prices.

Meanwhile, most of the week’s fuel oil exports were headed to China, South Korea and Sri Lanka.
Asia’s high-sulphur fuel benchmarks have soared in recent sessions, with spot premiums touching their year-to-date highs in early March.
Source: Reuters