Singapore onshore fuel oil stockpiles rose for a third week to a 13-week high, data showed on Thursday.

Residue inventories were at 21.708 million barrels in the week to March 26, up 10.7% from the previous week, Enterprise Singapore data showed.

Still, onshore fuel oil stockpiles has averaged at around 18.68 million barrels per week in March so far, down slightly from February’s average of around 18.95 million barrels.

Net imports rose 3% week-on-week, totalling 913,520 tons. The net imports were calculated by subtracting total exports from total imports in the week.

Most of the week’s fuel oil imports were from the United Arab Emirates, Russia and Kuwait.

Meanwhile, most exports were headed to China, the Philippines and India.

Asian fuel oil arrivals have hit a five-month high of 7.39 million metric tonnes month-to-date (MTD), said LSEG Oil Research this week.
Source: Reuters