Onshore fuel oil stockpiles at key trading hub Singapore climbed this week after net imports rose, data showed on Thursday.

Residual fuel inventories were at 22.50 million barrels (about 3.54 million metric tons) in the week to June 25, up about 5% from the previous week, data from Enterprise Singapore showed.
The inventories continued to hover above typical weekly averages for a sixth consecutive week.

Net imports, which are calculated by subtracting total exports from total imports, were at 418,000 tons in the week, up 8% from last week.

Most of the week’s fuel oil imports came from Brazil and Mexico, while the majority of the exports out of the onshore tanks were headed for China.

Ample supply availability has been keeping inventories buoyed while pressuring price benchmarks.

Spot premiums for high sulphur fuel oil have slipped to a one-month low this week, while premiums for very low sulphur fuel oil also eased.
Source: Reuters